Alabama Shared Branching Pays Dividend for Second Year
Credit Union Service Centers of Alabama, the shared branching network in the state, has announced that it will pay shareholding credit unions a dividend in 2011 for the second year in a row.
The CUSO also announced that it has launched a Patronage Rebate Program for its participating credit unions. The patronage program will rebate 40% of
2011 net income before taxes to participants based on the participating credit union’s
percentage of the total transactions for the network in 2011.
“The ability to institute this dividend and patronage rebate program validates the business
model that CUSC of Alabama has put in place,” said CUSC Chairman Patrick La Pine. “Credit unions see the value of shared branching and they have been a cornerstone of the success of the company. The board felt it was important to reward those credit unions that have contributed to the success of the organization. We also hope it spurs more credit unions to consider offering shared branching.”
CUSC of Alabama currently has 124 service centers for credit union members to utilize shared branching, the CUSO reported, and added that ten new shared branching locations were opened across Alabama in 2011.