Source: Shutterstock.
The $6 billion Corporate One Federal Credit Union in Columbus, Ohio, said last week that it is distributing a special dividend for all of its perpetual contributed capital owners.
This special dividend brings the total PCC dividends paid for the first half of 2020 to a 2% annualized return.
Recommended For You
"Although the future continues to be very hard to predict, Corporate One continues to have a solid capital foundation despite the current economic uncertainty and market fluctuations," Corporate One President/CEO Melissa Ashley said.
On March 3, the market unrest caused by COVID-19 led to a surprise 50 basis point rate cut by the Federal Reserve and another 100 basis point rate cut on March 15. At that time, the Federal Reserve began paying Corporate One only 10 basis points on its required and excess reserves.
Because of this reduction by the Fed, Corporate One adjusted its PCC rates to where they are today (0.05%).
However, due to strong earnings recognized by Corporate One in the first half of 2020, the decision was made to distribute a special dividend for all PCC owners.
Corporate One delivers wholesale financial services to nearly 800 credit unions across the nation.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
