For the third year in a row, Louisiana credit unions that participate in the state's shared branching CUSO will see a dividend for their participation, according to the CUSO.
CU Cooperative Branching has announced a 4% dividend payable on Jan. 1.
“Collectively, CUCB member owners have made shared branching a viable and successful CUSO,” commented Rod Taylor, CEO of the $1.1 billion Barksdale FCU in Bossier City and CUCB chairman.
“Because of the cooperative spirit amongst credit unions, CUCB has become an efficient network that has achieved great financial success, offering an incomparable service to members,” Taylor said. “The Board of Directors believes that the payment of this one-time cash dividend is appropriate and reflects our efforts to enhance our shareholders' investment in the network.”
The CUSO reported that since its inception in August 1992, the CUSO has grown into a network with more than 130 locations throughout Louisiana in addition to the 5,000 locations worldwide available to members of shared branching credit unions.
Lacey Hyer, vice president of communications for the Louisiana Credit Union League, reported that the yearly dividends for shared branching were likely going forward but that the percentage each year could not be predicted.