Credit Union Service Centers of Alabama will pay a patronage rebate and dividend for the fifth consecutive year.
Total rebates and dividends, based on member transaction volumes, paid more than $173,000 in 2015.
The CUSC of Alabama cooperative network of shared service centers performed 3,890,401 issuer transactions and 2,046,174 acquirer transactions in 2015. The rebates for both issuers and acquirers will be 30% of net income before taxes, for a total payout of 60% and 10% of 2015 NIBT before rebates for shareholder dividends.
CUSC of Alabama has a total of 176 shared branching locations after adding 15 outlets in 2015, the most it has added in the past three years.
"To offer a rebate and dividend for five years in a row shows that credit union members see value in shared branching," said CUSC Chairman Patrick La Pine. "We saw excellent growth in new outlets in 2015 and that has also carried over into 2016 with nine new outlets expected by this June. Shared branching continues to bring convenience to credit union members across Alabama."
