Members Reap Rewards Of Pre-Merger Payout
WEST ALLIS, Wis. – Members of State Central CU, sporting a net worth ratio of almost 20%, will earn a nice dividend before the merger of their $69 million credit union into Summit CU – a $5.2 million payout.
The funds represent 9% of the share balances the members had as of Oct. 31, 2009, one of the biggest post-merger payouts in recent years. Some State Central members will be paid dividends of more than $10,000. The amount of the dividend will depend on the size of the credit union member's account.
The announcement came from Jim Coraggio, the president of the credit union for 23 years, who retired Wednesday as the merger neared completion.
State Central remained profitable even during the worst times of the financial crisis and had reserves and undivided earnings of $13.7 million at the end of the first quarter, an unusually high net worth ratio of 19.99%.
Summit is Wisconsin’s largest credit union with almost $1.5 billion in assets.