CHERRYVILLE, N.C. — After a long financial struggle, 2007 is turning into a milestone year for the $19 million Carolina Federal Credit Union which at last is paying a year end bonus to members.
"We've never given a bonus before but now we're delighted we can "declared Donna Beringer, president/CEO of the Cherryville CU which once had a since-merged trucking firm as its primary single sponsor.
Expecting to post $170,000 in net income this year, the CU said it is giving its members a 4% dividend bonus and a 4% interest rebate.
"We are not involved in any expansion right now so we thought it would be best to return the money to our members," said Beringer adding the CU is "now stable" after experiencing several years of losses and small gains. It has been serving members of the old Carolina Freight Co. now part of Arkansas Best Lines. The CU has 3,100 members in 49 states.
The turnaround, she said, is testament that a small CU can "cut expenses and working with vendors can come up with new products that meet member needs."
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