Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HARRISBURG, Pa. — Pennsylvania State Employees Credit Union has announced a special dividend of almost $7.5 million. PSECU’s board made the decision to return the funds to its members since its capital was already at levels that it felt were adequate–currently over 10%–according to Greg Smith, president of the CU. The dividend was posted to member accounts on Dec. 15. The dividend includes payments of 5% of the dividends earned and interest paid by members through Nov. 30, 2006, Smith said. The dividend will be paid to 301,582 members with the smallest dividend being $0.01 and the largest being $2,414, he added. PSECU opted for the special dividend since its rates were already “quite aggressive,” Smith said. “In July we moved our money market rate to levels paid by the ING’s, Citibanks, etc., of the world. Our current rate is 5.00% for a $500 minimum account. Our CD rates are equally competitive.” Smith cited PSECU’s semi-annual Raddon survey, which shows that in the loan area the CU is in the 100th percentile among the 600 credit unions surveyed by Raddon. Its deposit rates placed it in the 86th percentile. Data included in the survey was as of June 30, 2006, so the new pricing PSECU implemented in July should boost it up even higher on the deposit side, Smith said.

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
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.