SAN DIMAS, Calif. — Financial Service Centers Cooperative, the nationwide shared branching network with over 3,000 in-network locations, has passed back $500,000 in patronage from transactions participating credit unions made in 2003.
The $500,000 represents 40% of the total patronage amount from that year's transactions. The shared branch network paid out 20% of that year's total patronage in March of 2004.
In 2003, FSCC processed over 11 million acquired transactions, which resulted in over $1.2 million of patronage dividends. In addition to transaction fees paid, the average rate of return for that year was $.1043 per transaction, the network said.
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