MUSKEGO, WI (January 10, 2014) -- Corporate Central Credit Union announced a dividend of 3% to member credit unions with Perpetual Contributed Capital (PCC) invested in Corporate Central for the month of December.
President & CEO Robert W. Fouch reported that member commitment to Corporate Central’s continued success inspires the board of directors, management and staff to strive to get the profits back in member hands. “It’s their money; it’s not our money”, Fouch said. “They should profit from it. The more we can give back to them and provide them with value and profit, the more value and profit they can provide their members.”
This major dividend from Corporate Central to its membership is extraordinary among corporates. Many corporate credit unions don’t pay a dividend at all to their members. Some pay a dividend, but it’s often a token amount.
Al Zierler, President and CEO of Capital Credit Union, said, “Our membership prospers because of Corporate Central. I just think that the credit unions outside the state of Wisconsin should take a good hard look. It doesn’t matter if you’re a $2 million credit union or you’re a $1.2 billion credit union. They are continuously looking to enhance our bottom line.”
“Gaining profits on behalf of our members is important, but never at the expense of safety and soundness. Our number one priority is looking out for the safety and best interests of our members at all times. We also try to be more nimble and more cost-effective in our approach and that pays off for our members,” Fouch said.
Pat Lowney, CEO of Lakeview Credit Union supports Fouch’s perspective. “You know, as other corporates were failing, and I never in my wildest dreams would have imagined that could happen, Corporate Central got stronger and stronger. I was the most scared that I’ve ever been in my professional life during that financial crisis. There was this financial foundation and all of a sudden whole pieces, chunks of it, were breaking off and falling off the cliff. I have to admit, I was very scared. I’ve got the responsibility of dozens of employees and thousands of members’ lives. I can’t make a mistake. We made a great decision to be with Corporate Central. If financial markets failed again, there’s no doubt I’d want my money at Corporate Central Credit Union.”
“They’ve kept our money safe, and found a way to safely add value,” Al Zierler added. “Corporate Central Credit Union is the strongest corporate credit union in the entire country and I’m confident they will continue to hold that position.”
Bob Bruemmer, Executive VP of Landmark Credit Union gives Corporate Central his vote of confidence too. “Healthy growth is a by-product of doing the right thing for members. Corporate Central’s philosophy is the same as our credit union’s philosophy. We’re not all about growth, but if you’re serving your members wisely, it’s going to show up in your bottom line. The members will profit and the credit union will grow. If you look at what happened with corporate stabilization over the last few years, a lot of credit unions suffered, lost their corporates and suffered. We came out pretty much unscathed because of Corporate Central’s conservative approach.”
According to Carla Watson, President of Badger Globe Credit Union, “One of Corporate Central’s greatest strengths is their capital position. It just shows the faith that everybody has in them. We ended up with the right corporate, and you know, even in this tightly squeezed market, I can count on Corporate Central to help me with capital gains too.”
“We’ve got a lot of money invested at Corporate Central”, Jon Lowrey, President and CEO of Dane County Credit Union said. “So it’s really important to us, it’s important to our examiners, it’s important to our board, that we keep an eye on the corporate that we choose to use. Corporate Central makes that pretty easy by providing us a reasonable rate of return, with safety, soundness, and transparency. They simplify our life.”
About Corporate Central Credit Union
Corporate Central Credit Union is a federally insured financial cooperative that is strongly committed to serving the needs of our members. Built on the values of commitment to service, fiscal responsibility, and respect for the individual, Corporate Central Credit Union adheres to the highest standards of integrity, professional ethics, cooperation, and teamwork. A strong focus on maintaining quality partnerships enables Corporate Central Credit Union to remain firmly rooted in the tradition of people helping people. In addition, by partnering with leading service providers, Corporate Central Credit Union is able to offer innovative correspondent products, investment services, and lending programs to our members. To learn more, visit www.corpcu.com or call (800) 242-4747.