MUSKEGO, Wis. – Corporate Central Credit Union is paying a $600,000 Patronage Refund for 2008 to its member credit unions.
CCCU said it’s the largest payout the corporate has made in the 20 years it has been paying such refunds. “Because of our members’ commitment we have had a very successful year, as evidenced by our decision in March to increase the rate we paid on Membership Capital Share Deposit (MCSD) balances well above what the rate environment would warrant,” said President and CEO Robert W. Fouch. “Through October, 2008 we have given back to our members over $1.9 million.”
The patronage refund, coupled with the increased rate on MCSD balances, will mean more than $2.5 million in refunds to the corporate’s members, Fouch added. The refund is being distributed according to patronage of Corporate Central Credit Union’s investment, loan, and correspondent services throughout the year.
