Corporate One Pays Out More Than $13 Million
Special dividends include a first-time fee waiver for its nearly 700 member credit unions.
Corporate One Federal Credit Union of Columbus, Ohio paid member credit unions $13.6 million in special dividends last year.
The distribution was 0.28% of its $4.9 billion in average assets for the 12 months ending Nov. 30, or an average of $19,883 for each of its 684 credit union members.
The corporate credit union earned $57.7 million in the 12 months ending Nov. 30, or a return of 1.18% of its average assets, down from ROA of 1.22% a year earlier.
President/CEO Melissa Ashley said the distribution includes its highest-ever special dividend to all perpetual contributed capital (PCC) owners in the fourth quarter and its first fee holiday for members utilizing Corporate One’s payment and cash solutions. Credit unions owned $201.6 million in PCC at the end of November.
“Our promise to foster our members’ financial success and growth is unwavering, and these returns underscore our commitment to delivering exceptional value as our members’ corporate partner,” Ashley said.
The $13.6 million included about $12 million through four quarterly dividends to PCC owners and $1.6 million by waiving processing fees related to Corporate One’s payment and cash solutions for the fourth quarter. The fourth quarter dividend, set at an annualized rate of 6.2%, was its highest ever.
Corporate One Federal Credit Union is one of the nation’s largest corporate credit unions, providing investment, funding and payment solutions to credit unions for nearly 75 years. Corporate One services include helping credit unions realize the benefits of immediate payments, with solutions available for the RTP network and the FedNow Service.