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ABOUT COMMUNITYAMERICA
Press Releases Archive
CommunityAmerica Pays $500,000 Dividend to Members
Special payments to depositors and borrowers top $9 million over past decade
Lenexa, Kan. ( 01/26/2006) -- CommunityAmerica Credit Union paid an extraordinary dividend of more than $500,000 today to its member-owners.
"Credit unions are formed for the mutual benefit of all members, accepting deposits from and making loans to members," said Sean Yokley, vice president of corporate affairs for CommunityAmerica. "Unlike other financial institutions, the Credit Union is member owned and not for profit. As a result, once expenses are paid and reserves set aside, the credit union returns excess earnings to the membership in the form of an extra dividend payments, as well as lower loan rates, higher deposit rates, service improvements and more."
The dividend for 2005 is the 10th consecutive annual payout to members bringing the total of excess earnings shared with members to more than $9 million during that period.
Amounts paid to each member are based on the extent of the member's use of products and services. "The more financially involved the member is with the credit union, the greater the dividend," Yokley said.
For 2005, a member with a checking account, home equity line of credit, and a first mortgage will receive about $75.
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