Schools Financial Credit Union of Sacramento, Calif., will issue its last special dividend before its acquisition by California's largest credit union Jan. 1.
Schools Financial ($2.1 billion, 158,759 members) said it will pay members $4 million by Dec. 31 as special dividends. The amount represents about $25 per member and 19 bps of its 12-month ROA of 1.73%.
The dividends are in addition to $6.75 million it estimates its members will save each year through lower loan rates, higher deposit rates and lower fees after its Jan. 1 merger with SchoolsFirst Federal Credit Union of Santa Ana, Calif. ($16.1 billion, 920,031 members).
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