American Airlines Federal Credit Union Announces Record $10 Million Bonus Dividend to Its Member-Owners
American Airlines Federal Credit Union (AA Credit Union) is proud to announce that a record bonus dividend will be paid to member-owners Dec. 31, 2007. The Board of Directors approved the dividend payout of approximately $10 million at their year-end board meeting held Thursday, Dec. 20.
The active participation of both borrowers and savers contributed to a successful 2007. The bonus dividend will be based on dividends earned on qualifying share accounts and/or interest paid on qualifying loans in 2007. The savings portion of the dividend will be 2.9 percent of eligible 2007 share dividends earned, and the loan portion of the dividend will be 2.9 percent of qualifying loan interest paid in 2007.
"Our goal is to continue our tradition of providing value to our member-owners," said John Tippets, CEO-AA Credit Union. "We provide value by offering low loan rates and high dividend rates, and this bonus dividend payout is another example of how we strive to enrich our members' financial well-being year-after-year. Plus, the more you participate in AA Credit Union services, the higher the bonus dividend earned."
This year, to recognize the most active and loyal members, a $30 "Superbonus" will be distributed to members who maintained two or more account categories, in addition to primary share and IRA accounts. The "Superbonus" categories are defined as follows:
1. A Checking Account (open as of Dec. 1, 2007)
2. A Credit Card (open as of Dec. 1, 2007)
3. Any Vehicle Loan on which an interest payment was made between Jan. 1 and Dec. 1, 2007
4. Any Mortgage or Home Equity Loan on which an interest payment was made between Jan. 1 and Dec. 1, 2007
5. Any Personal or Other Loan on which an interest payment was made between Jan. 1 and Dec. 1, 2007
6. Any qualifying share certificate on which dividends were earned between Jan. 1 and Dec. 1, 2007
About American Airlines Federal Credit Union
American Airlines Federal Credit Union was founded in 1936, and today serves the present and retired employees of American Airlines, their family members and anyone that works in the Air Transportation Industry. AA Credit Union has more than 210,000 members nationwide and assets of more than $4.3 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 on AA Credit Union, please visit http://www.aacreditunion.org/.
First Call Analyst:
SOURCE: American Airlines Federal Credit Union
CONTACT: Brenda Tristan-Marrone of AA Credit Union, +1-817-967-6097
Web site: http://www.aacreditunion.org/