Clarification

Published March 02, 2008, 8:03 p.m. EST

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Updated August 27, 2020, 1:22 a.m. EDT

1 Min Read

An item on cujournal.com Feb. 29 should have clarified that the retirement of Michael Patrick from CommunityAmerica Credit Union is not tied to losses the credit union posted on its most recent 5300 report.

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Mr. Patrick indicated his retirement plans at the time he signed an employment contract in November, 2006. The credit union also issued a statement that losses reported for 2007 reflect expenses associated with a merger with Midwest United CU; payment of a $6 million participation dividend to members of Midwest United Credit Union as a consideration for the merger, and a $500,000 dividend to CommunityAmerica Credit Union members as a year-end bonus dividend for a total of $6.5 million paid to members, and an increase in its allowance for loan losses.

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