BIRMINGHAM, Ala. — Shared branching network CU Service Centers of Alabama is set to return $147,000 in patronage rebates and dividends, the fourth consecutive year it has done so.
According to a CUSC press release, the figure is based on 2014 transaction volumes, with rebates for issuers and acquirers sat at 30% of net income before taxes for a total payout of 60%, and 10% of 2014 net income before taxes rebates for shareholder dividends.
"Shared branching works and we're continuing to see that credit unions are getting value from
issuing and acquiring transactions," said CUSC Chairman Patrick La Pine, who also leads the League of Southeastern CUs. "To be able to issue a rebate and dividend for four straight years shows that credit union members appreciate the convenience. Plus, it's another way to show members that credit unions are unique.'
CUSC of Alabama currently has more than 150 shared branching locations throughout the state, and the CUSC of Alabama network performed 3.6 million issuer transactions last year, and 2 million acquirer transactions.
