Corporates Pay Year-End Bonuses

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Corporate credit unions have begun announcing year-end bonus dividends.

The $1.3-billion Georgia Central Credit Union is paying a patronage dividend totaling $460,000 to its member credit unions. The dividend payout will be based on various aspects of each credit union's involvement with Georgia Central, including investment and settlement account usage and holdings of Membership Capital Shares and Paid-in Capital. "

In Portland, Ore., Northwest Corporate said it is paying more than $120,000 in rebates to credit unions that are part of its Relationship Pricing Program. The program rewards its most loyal members by offering discounts on fee-based services, offering three levels of discount based on the number of fee-based services used and investments held at Northwest Corporate. Credit unions receive their discount in the form of a rebate.

In Greensboro, N.C., the $2.4-billion First Carolina Corporate CU is paying a bonus dividend to members capital accounts that will amount to about $250,000, and lift the payout on Membership Capital Share Deposits to 6% and on its Paid-In-Capital accounts to 7.5% for the month of December.

In Warrenville, Ill., Mid-States Corporate FCU paid its member credit unions a special one-day dividend of 20.02% on their membership shares. The dividend was paid to members holding membership shares in Mid-States on Dec. 30, 2002. The $4-billion Mid-States serves 850 credit unions in 20 states.

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