BIRMINGHAM, Ala.—The Credit Union Service Centers of Alabama announced it will pay a $147,000 patronage rebate and dividend, marking the fourth consecutive year the network has given back.
The patronage rebate and dividends are based on 2014 transaction volumes. The rebates, for both issuers and acquirers, will be 30% of net income before taxes (NIBT), for a total payout of 60% and 10% of 2014 NIBT before rebates for shareholder dividends.
“Shared branching works and we’re continuing to see that credit unions are getting value from issuing and acquiring transactions,” said CUSC Chairman Patrick La Pine. “To be able to issue a rebate and dividend for four straight years shows that credit union members appreciate the convenience. Plus, it’s another way to show members that credit unions are unique.”
CUSC of Alabama currently has more than 150 shared branching locations in the state. The CUSC of Alabama network performed 3,691,798 issuer transactions and 2,089,781 acquirer transactions in 2014.