LAKELAND, Fla. – MidFlorida FCU said yesterday it paid members of Imperial Polk CU a special 6%, $650,000, dividend after acquiring the smaller credit union through a June 30 merger. The special dividend was offered by MidFlorida President and CEO Kevin Jones during the merger negotiations for the purpose of returning excess accumulated capital to the Imperial Polk CU members. Smaller credit unions often accumulate more member equity than they need, said Jones. It has been MidFlorida's policy to return to the credit union's owners the percent excess capital over MidFlorida’s net worth ratio at the time the merger is complete. The merger gives MidFlorida almost $1.2 billion in assets and 128,000 members.
Processing Content
