Despite this "very challenging year," Financial Service Centers Cooperative, the California-based shared network, expects to return a $640,000 dividend to its participating credit unions, the firm said Wednesday.
The dividend, representing paid-out sums to CU shareholders on acquired 2009 branch transactions, is a drop from the $1.1 million a year ago, said FSCC of Ontario, Calif.
The payout marks the tenth straight year that FSCC has doled out the patronage funds with distribution expected following the completion of FSCC's annual audit this spring.
"We are pleased to be able to return this dividend despite the tough times we are all in right now," said Steven M. Stapp, FSCC chairman and CEO of San Francisco FCU.
An FSCC spokeswoman pointed out that the payout also "demonstrates our consistency and being able to pay dividends every year, regardless of the amounts."
Within the past decade, FSCC said it has returned over $14 million in patronage dividends, rebates, and return of capital to its participating CUs. Its highest dividend in recent years was $2 million in 2006. In 2007 the total was $1.2 million.
Separately, FSCC said it expects to add "significantly" in 2010 to its network of shared branches currently at 6,400.