Pacul Services Paying $500k Loyalty Rebate
HARRISBURG, Penn. – Credit unions belonging to the Pennsylvania CU Association will receive a total of $500,000 in a “loyalty rebate” from the league’s CUSO.
The league announced the rebate was being awarded from its subsidiary, Pacul Services, Inc., for the first time in the last eight years, due to “better-than-expected business results,” said PCUA SVP Mike Wishnow. “A number of things led to an all-around good year for our CUSO, including marketing agreements with a number of key vendors, credit card operations, and some things we did with the Michigan league, including Invest in America.”
CUs will receive a rebate of 18 basis points of their asset size, with small CUs receiving no less than $100. “Our largest credit union at $3.6 billion will receive about $65,000,” Wishnow said. Pacul earned a projected $1 million in 2010.
In addition to the rebate, the Pacul board of directors authorized a $20,000 contribution to the Pennsylvania Credit Union Foundation to establish a fund for educational assistance for small credit unions.