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Former CUs give final dividend

APPLETON, Wis. - The AAL CU and the AAL Member CU here, which were liquidated and transferred to AAL Bank and Trust, have declared a final $15.5 million in liquidating dividends to their members. AAL Member CU dished out an 8.36% dividend, giving close to $12 billion to 46,753 members,...

By Staff Writer | Updated on July 24, 2001

APPLETON, Wis. – The AAL CU and the AAL Member CU here, which were liquidated and transferred to AAL Bank and Trust, have declared a final $15.5 million in liquidating dividends to their members. AAL Member CU dished out an 8.36% dividend, giving close to $12 billion to 46,753 members, while the AAL CU dividend was 10%, giving $3.5 million to its members. The dividends ranged from $50 to $38,283. The two credit unions were officially closed on June 30. AAL Bank and Trust is a wholly-owned subsidiary of AAL, which offers long-term care and disability income insurance and fixed annuities to its 1.8 million members. The transfer of the two CUs’ assets to the wholly-owned bank subsidiary of the sponsor company got the attention of the CU industry, showing the power single sponsors can have over their credit unions. “AAL, the bank and the AAL Credit Union negotiated an agreement that provided excellent results for credit union members allowing them to receive very healthy liquidating dividends. AAL treated us very well,” said Terry Timm, former chairman of the AAL CU Board.

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