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AMOCO Federal Credit Union, Texas City, Texas, paid out approximately $1 million in bonus dividends and loan interest refunds to its membership. The board of directors determined that the credit union’s level of both reserves and capital were in excess of what was necessary to protect member accounts. As a result, they elected to pay out approximately $1 million and issued a 4% bonus on the dividends earned on deposits and interest paid on loans and credit cards for accounts in good standing as of Dec. 31, 2010.

Peter Westerman

Credit Union Times

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