Home » Alabama shared branching network issues dividend
Alabama shared branching network issues dividend
April 10, 2015
BIRMINGHAM, Ala. (4/13/15)--The Credit Union Service Centers (CUSC) of Alabama will pay a patronage rebate and dividend for the fourth straight year.
The patronage rebates 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.
Total rebates and dividends paid out for 2014 total more than $147,000.
"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 has over 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.