GLENDALE, Calif..–Millions of Americans have bought tickets for a chance to win one of two credit unions—or at least an amount equal to their respective asset sizes.
It is estimated that tonight’s Powerball drawing will be for a record U.S. lottery prize of approximately $1.5-billion..
According to NCUA call report data as of Sept. 30, 2015, there are two credit unions close to that dollar figure: the $1.477-billion California Credit Union in Glendale, Ariz., and the $1.526-billion Michigan Schools & Government Credit Union in Clinton Township, Mich.
While the $1.5-billion could go to a single winner, the assets of California Credit Union represent 87,892 members, who have been contributing to the credit union since 1933. in Michigan Schools & Government's case, that same figure represents the assets of 102,526 members who have been contributing to the CU since 1954.
Should a winner of the Powerball take an immediate cash payout instead of annual payments over 29 years, it is estimated the amount would be approximately $806-million before any state and federal taxes.