Two Midwestern corporate credit unions announced they paid their 1,977 member credit unions $19.5 million in special distributions in 2024.
Corporate One Federal Credit Union of Columbus, Ohio announced Dec. 31 it paid $15.5 million, or 0.25% of its $6.1 billion in average assets for the 12 months ending Nov. 30, 2024, to its 690 member credit unions.
A year earlier it paid $13.6 million, or 0.28% of average assets.
Its return on average assets for the 12 months ending November 2024 was 0.68%, down from 1.18% a year earlier.
The total payout includes $13.7 million from Corporate One’s highest-ever dividend to owners of Perpetual Contributed Capital (PCC), representing an annual dividend rate of 6.05%. The remaining $1.8 million came from a special fee rebate for members using two or more of its payment services.
“Returning a record $15.5 million to our members underscores Corporate One’s commitment to helping credit unions succeed financially while delivering real value to their operations,” President/CEO Melissa Ashley said. “These distributions demonstrate the strength of our partnership with our members and our shared dedication to helping credit unions thrive in a competitive landscape.”
Alloya Corporate Federal Credit Union of Naperville, Ill., just west of Chicago, announced Jan. 7 it waived $4 million in fees, or 0.06% of its $6.8 billion in average assets for the 12 months ending Nov. 30, 2024, for its 1,287 member credit unions.
In 2023, it paid $12.3 million, or 0.21% of average assets, as part of a four-year Corporate Estate distribution plan completed in 2023. The board-approved plan distributed $98.3 million from 2021 through 2023.
Alloya’s ROA for the 12 months ending November 2024 was 1.17%, down from 1.53% a year earlier.
President/CEO Todd Adams said Alloya has also provided value to members in ways in addition to the fee waiver.
“Throughout the year, Alloya has been offering highly competitive short-term deposit rates and several attractive Certificate of Deposit specials, including a special one month 10% CD related to the launch of the Premier View Mobile application,” Adams said.
Contact Jim DuPlessis at [email protected].
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