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.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.