SIOUX FALLS, S.D.–Two South Dakota credit unions have completed a merger.
The $27-million Good Samaritan FCU is now part of the $163-million Voyage Federal Credit Union.
“The two credit unions found their way to each other with similar visions for member relations and culture,” said the Dakotas Credit Union Association.
The merger resulted in the closure of Good Samaritan FCU’s lone branch, while Voyage FCU has three branches.
“Services that were previously not available at the smaller CU are now an added benefit such as mortgages, business services, online person-to-person payment options, remote deposit capture, and so much more,” the DCUA said.
On its last 5300, filed for Q1 2021, Good Samaritan reported $27,412 in net income with very high capital of 19.50%.
In disclosure documents filed with NCUA, Good Samaritan FCU said it paid a one-time special dividend on all regular share, share draft and share certificate balances based upon each account’s average daily balance for the 12-month period ending Dec. 31, 2020 of $1.6 million, or approximately 8.0% of members’ average daily balance of the share, share draft, and share certificate holdings.
Bonus for Manager
In addition, GSFCU said Manager Mike Gardner was paid a one-time bonus of $10,000; early payout of earned paid time off, estimated between $7,500 -$10,000, as well as the same bonus dividend being paid to members on their deposits, which amounted to $21,000.
The disclosure documents also show Board Member Joe Herdina was paid a bonus dividend of $32,000 based on his deposits in the credit union.