TALLAHASEE, Fla. — Credit Union 24, the nationwide credit union owned ATM and EFT network headquartered on the East Coast, has announced that it would pay cash for patronage certificates issued to participating credit unions for transactions in 1998 and 1999.
The cash will go to roughly 200 of the network's roughly 500 participating credit unions, the network announced, adding that it decided to make redeem the certificates now in part because the network is performing strongly and in part because the current economic conditions have made the cash particularly useful.
"Credit Union 24 regularly distributes patronage dividends to shareholding credit union participants, but retains a portion of the dividends as equity in the cooperative," said Jim Park, Credit Union 24′s CEO. "In light of the relatively tough economic conditions the financial sector is facing, and as a reflection of Credit Union 24′s continued growth, the Board has decided to begin disbursing that retained equity."
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The equity disbursement closely follows a record $3.3 million patronage dividend for FY 2007 announced in August of this year. The $3.3 million dividend was the largest patronage dividend in Credit Union 24′s history, equating to about a 2.5-cent rebate per transaction, the network said when announcing the redemption.
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