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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
