Financial Services Center Corp. announced Friday that its member credit unions were credited with more than $1 million in patronage dividends for shared branching transactions, including more than $200,000 returned in cash.
This represented the latest in more than $14.5 million in patronage dividends, rebates and returns of capital to FSCC member CU from the organization over the past decade, the shared branching network said.
"What an accomplishment to give back to our patrons for 11 consecutive years, especially during such trying economic times" said Steven M. Stapp, chairman of FSCC's Board of Directors and CEO of the $772 million San Francisco Federal Credit Union.
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"This is a true testimony to the collaborative partnership we share with our participating credit unions. They demonstrate their faith in shared branching by opening their doors wide to other credit union members, and in return they are rewarded with customer loyalty, as well as patronage dividends," Stapp said.
FSCC President/CEO Sarah Canepa Bang said, "It has been said 'If you want to be incrementally better: Be competitive. If you want to be exponentially better: Be cooperative.' I don't think anything proves the truth of this statement more than the cooperation attained in shared branching and the results seen above."
Ontario, Calif.-based FSCC said its network now has more than 6,400 branches across the United States and in four other countries.
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