The $1.18 billion Volunteer Corporate Credit Union on Friday released unaudited year-end financial results that show a net profit despite a merger with West Virginia Corporate CU that produced the usual non-recurring charges.
VolCorp said in a release that the merger, finalized Feb. 1, 2012, was the most significant contributor to a decrease in net income compared to 2011's financials: $2.1 million in 2012 compared to $2.6 million the prior year. Additionally, ROA was just 0.15% in 2012, compared to 0.22% in 2011.
However, Chief Financial Officer Jeff Merry told Credit Union Times that VolCorp has "fully absorbed" the non-recurring merger expenses as of year-end. Additionally, members received nearly $600,000 worth of cash dividends in 2012, representing 28% of VolCorp's net income and a 1% return on perpetual contributed capital.
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