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Corporate Central OKs 600000 patronage refunds
MUSKEGO, Wis. (11/24/08)--Corporate Central CU's board approved a $600,000 patronage refund for 2008 for its member credit unions--the largest payout in the 20 years it has offered refunds. The patronage refund is in direct recognition of the commitment Corporate Central's members have shown to its success. "In a year filled with incredible challenges and remarkable market dislocations, our members continue to do what they have done for years--partner with us, support us, and rely upon us to meet their investment, liquidity, and service needs," said Corporate Central President/CEO Robert W. Fouch. Because of that commitment, Corporate Central "had a very successful year, as evidenced by our decision in March to increase the rate we paid on Membership Capital Share Deposit (MCSD) balances well above what the rate environment would warrant. Through October 2008, we have given back to our members over $1.9 million," Fouch said. The $600,000 patronage refund, coupled with the increase rate paid on MCSD balances, will represent more than $2.5 million given back this year, he said. The refund will be distributed to member credit unions based on their patronage of Corporate Central's investment, loan and correspondent services throughout the year.
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