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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.

CEFCU, Peoria, Ill., announced that a dividend of $7 million has been distributed to CEFCU members. This dividend was based on members’ savings and loan activity during the year 2010, with $3.5 million going to borrowers and $3.5 million going to savers. The amount each member received was determined by dividends earned and interest paid during the first 11 months of the year as of Nov. 30, 2010. On Dec. 6, dividends were deposited to members’ savings accounts.

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Peter Westerman

Credit Union Times

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