The merger of the $70 million State Central Credit Union of West Allis, Wis. into the $1.5 billion Summit CU is now nearly complete but State Central members won an extra bonus last month recognizing their loyalty-a $5.2 million dividend.
The stipend also recognized State Central's high performance record with 20% capital.
The distribution, deemed one of the largest in the state and part of the original February merger deal, came on June 30 at the close of the consolidation with Madison-based Summit.
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"We're happy to welcome State Central into our organization and we understand their decision, which was part of the original merger agreement," explained Rebecca Gerothanas, senior vice president-marketing.
In comments made to the local media, James Coraggio, the retiring president/CEO of State Central, said, "it's the members' money and rightfully theirs. We just felt we were doing what was right."
State Central, with a capital ratio of 19.93% noted that it had remained profitable during the worst times of the financial crisis with $13.7 million in income at the end of the first quarter. The funds distributed represent 9% of the share balances the members had as of Oct. 31, 2009.
The merger with Summit was made official June 30 but final computer conversion of accounts will be completed by Sept. 1, said Gerothanas.
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