Corporates Announce Patronage Dividends
Several corporate credit unions have begun announcing patronage dividends to member CUs for 2005. Georgia Central's said it will refund $300,000 to credit unions, while Corporate Central CU, Hales Corners, Wis., is paying a $400,000 patronage dividend. Georgia Central CEO Greg Moore credited unplanned investment gains and higher-than-expected balances for the surplus.
Each CU's dividend will be determined by its relationships with the corporate. In addition to the patronage dividend, the $1.3-billion Georgia Central also contributed 15,000 to the Georgia Credit Union Progress Fund to be paid in December, as well as $15,000 donated for hurricane Katrina relief. Corporate Central reported that its refund marks the 17th year it has returned money to member CUs, for a total payout of $4 million.