Selling Your CU For A Retirement NestEgg

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WAYCROSS, Ga. - (05/31/05) -- Three long-time directors ofAtlantic Coast Federal Savings Bank who helped engineer theinstitution's conversion from a credit union were rewarded withlucrative retirement presents during last week's first stockholdersmeeting of the newly public bank holding company. The three formervolunteer credit union directors: John Hinson, 72, Cyril Morris,81, and I.J. McGahee, 79, who have earned annual directors fees ofas much as $26,000 since converting the credit union at the end of2000, were each awarded $10,000 a year retirement payments and aspecial $52,000 Director Emeritus package, according to documentsreviewed by The Credit Union Journal. That's on top of almost$600,000 of stock in the newly public bank, known until December2000 as Atlantic Coast FCU, the three retired railroad workers atCSX Transportation will retire with. Stockholders at last week'sannual meeting also approved lucrative insider benefits thatinclude more than $5 million in stock grants and options for topexecutives and directors. Atlantic Coast FSB was chartered asAtlantic Coast FCU in 1939.

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