Alabama CUSC Pays Out $130,000
For the third-straight year, the Credit Union Service Centers of Alabama said it will pay a rebate and a dividend to participating credit unions.
The CUSC board approved a patronage rebate program to issuers and acquirers based on the number of completed transactions in 2013. That equates to 60% of 2013 net income before taxes. In addition, credit unions that are CUSC shareholders will also see a 10% dividend of net income before taxes.
The rebate and dividend amounted to more than $130,000, according to CUSC. The rebate and dividend payments will only go to participating credit unions in Alabama because the CUSC is managed in that state.
“Seventy percent of 2013 net income before taxes is being returned to credit unions,” said CUSC Chairman Patrick La Pine, who also is president/CEO of the League of Southeastern Credit Unions and Affiliates “The CUSC network would not be as strong as it is without participating credit unions. To be able to offer a rebate and patronage dividend for three years shows that shared branching works.”
Participating credit unions also saw more income at the point of transaction as the CUSC board lowered the transaction fees structure by 10 cents in 2013.
Alabama has 151 service centers, which includes 25 new shared branching locations that were opened across the state last year.