Corporate One Federal Credit Union in Columbus, Ohio, is set to pay a special dividend to all of its Perpetual Contributed Capital owners.
The dividend represents a 2% annualized return paid out during the first half of this year.
A press release from the credit union explained that it was able to pay the dividend thanks to strong earnings throughout the first two quarters, despite multiple rate cuts from the Federal Reserve in response to the COVID-19 pandemic.
The corporate credit union, which serves nearly 800 natural person credit unions — roughly 15% of the total credit union industry — earned just under about $13.5 million through May.
“I’m delighted that Corporate One is able at this time to distribute this bonus dividend to our PCC owners,” said President and CEO Melissa Ashley. “Although the future continues to be very hard to predict, Corporate One continues to have a solid capital foundation despite the current economic uncertainty and market fluctuations.”
