STOCKTON, Calif. - (11/16/04) -- Looking to acknowledge its membersand at the same time do more than offer some type of specialanniversary CD rate, Finance Center CU is paying a special dividendto members of $2 per year of membership, up to $100. In all, it ispaying out a total of $845,000. CEO Michael Duffy said the creditunion wanted a way to give value back; to show members they are not"just" members, but shareholders. "We wanted to reward loyalty, notjust balances," he said. "We looked at several different complexformulas. We tried to tie in loans, savings, the real return on adividend, and so forth, but it didn't do what we wanted to do forour 50th anniversary."
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3