Alabama shared branching network pays credit unions rebate and dividend for 2014

Birmingham, AL – April 10, 2015 – 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 percent of net income before taxes (NIBT), […]

CUSC Logo_CenteredBirmingham, AL – April 10, 2015 – 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 percent of net income before taxes (NIBT), for a total payout of 60 percent and 10 percent 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 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.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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