SAN DIMAS, Calif. — Credit unions that participated in shared branching with the Financial Service Centers Cooperative in 2003 have received part of $500,000 on patronage for their transactions, just in time for the end of the year.
The nationwide, shared branching network with over 3,000 in-network locations made the distribution on Dec. 14. 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, FSCC said.
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