Thanks to a good business year, Texas credit unions are getting a 10% dues rebate from the Texas Credit Union League.
Convening in Austin this week for its annual meeting, league leaders credited the $550,000 dividend to a strong performance by Credit Union Resources Inc., the league's processing subsidiary.
A decision on the rebate, said the league, was made in March but "kept a secret" until the annual business meeting Tuesday, an announcement which drew cheers from delegates convened at the Austin Hilton.
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"The credit union movement, not unlike any other industry, has dealt with its fair share of challenges," said Pamela Stephens, league chair and president/CEO of the $54 million Security One FCU of Arlington.
"Returning dividends to our dues-paying members is our way of showing how much we appreciate their loyalty and commitment to this organization during the good times and the not so good times," she said.
During the league's annual business meeting Wednesday, Paul Trylko, chair of CU Resources, said the firm closed 2010 "in a very strong position thanks to the support of loyal credit unions who utilized our products and services."
Separately, the league also announced the re-affiliation of three CUs, the $4.2 million Union Pacific Employees CU, Beaumont; and the $1.5 million Highway Employees CU and $3.2 million First United CU, both of Tyler.
Officials of the three CUs said they expect to take advantage of new services offered to small CUs in the state, including workshops and clinics, a library and peer meetings of the newly formed Credit Union Development Initiative.
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