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News Now

CU System
Merged CUs members get 9 dividend
MADISON, Wis. (7/2/10)--As part of the merger of State Central CU, West Allis, Wis., with Summit CU, Madison, Wis., members of State Central are being paid a minimum 9% dividend--totaling $5.2 million--on balances they had as of Oct. 31. The amount of the dividend will depend on the size of the member’s account. State Central had 8,600 members (Milwaukee Journal-Sentinel June 30). The merger became effective at the close of business on Wednesday. State Central and Summit announced earlier this year that they intended to merge (News Now Feb. 25). “As a member-owner, you have helped build State Central CU and are the reason for its success,” the credit unions said in a statement to members when the merger was announced. “To recognize your contribution and thank you for your commitment, a special dividend will be paid to all open-deposit accounts.” State Central, which reopened as Summit on Thursday, has assets of about $68.8 million. Summit’s assets will grow to nearly $1.5 billion with the merger, the newspaper said. Both credit unions were profitable in 2009, said the newspaper.


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