X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

APPLETON, Wis. – The AAL CU and the AAL Member CU here, which were liquidated and transferred to AAL Bank and Trust, have declared a final $15.5 million in liquidating dividends to their members. AAL Member CU dished out an 8.36% dividend, giving close to $12 billion to 46,753 members, while the AAL CU dividend was 10%, giving $3.5 million to its members. The dividends ranged from $50 to $38,283. The two credit unions were officially closed on June 30. AAL Bank and Trust is a wholly-owned subsidiary of AAL, which offers long-term care and disability income insurance and fixed annuities to its 1.8 million members. The transfer of the two CUs’ assets to the wholly-owned bank subsidiary of the sponsor company got the attention of the CU industry, showing the power single sponsors can have over their credit unions. “AAL, the bank and the AAL Credit Union negotiated an agreement that provided excellent results for credit union members allowing them to receive very healthy liquidating dividends. AAL treated us very well,” said Terry Timm, former chairman of the AAL CU Board.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.