American Airlines Federal Credit Union Announces Bonus Dividend to Its Member-Owners
FORT WORTH, Texas, Jan. 24, 2011 /PRNewswire/ -- American Airlines Federal Credit Union (AA Credit Union) is proud to announce that a $10 million dividend was paid to member-owners on Dec. 31, 2010. The Board of Directors approved the dividend payout at the board meeting held on Nov. 1, 2010.
The active participation of both borrowers and savers contributed to a successful year for the Credit Union. The bonus dividend was based on dividends earned on qualifying share accounts and/or interest paid on applicable loans. The savings portion of the dividend was calculated on share dividends earned Jan. 1 through Nov. 30, 2010, and was paid at an annual rate of 4.72 percent. The additional portion of the bonus dividend was calculated at an annual rate of 4.72 percent of interest paid Jan. 1Nov. 30, 2010, on those applicable loans.
"We're proud of the fact that we are once again able to reward our member-owners with this bonus dividend as an appreciation of their business," said Angie Owens, AA Credit Union President and CEO. "It's a testament to our continuing commitment to make sound lending decisions and to find new ways to operate efficiently while ensuring our safety and security."
AA Credit Union returns its profits to its member-owners. This bonus is paid above our regular dividends, in addition to the lower loan rates and higher dividends our member-owners already enjoy. To recognize the most active and loyal members, an additional $50 bonus was distributed to those who participated in three or more of the eight major account categories.
About American Airlines Federal Credit Union
Founded in 1936, AA Credit Union now serves the present and retired employees of American Airlines, their family members and people who work in the air transportation industry. In its 75th year, AA Credit Union has more than 224,000 members nationwide and assets in excess of $5.2 billion. As a not-for-profit financial cooperative, AA Credit Union is committed first and foremost to enriching their member-owners' financial well-being through their participation in the products and services of the Credit Union. For more information, please visit www.AACreditUnion.org.
Federally insured by NCUA
AA Credit Union is a registered trademark of American Airlines, Inc.
SOURCE American Airlines Federal Credit Union