AL Shared Branching Network pays CU rebate for sixth straight year

Shared branching had a very healthy year in Alabama in 2016. Credit union members are using the services while more credit unions are seeing the value in shared branching. The Credit Union Service Centers (CUSC) of Alabama will pay a patronage rebate and dividend for the sixth straight year. The patronage rebates and dividends are based […]

Shared branching had a very healthy year in Alabama in 2016. Credit union members are using the services while more credit unions are seeing the value in shared branching. The Credit Union Service Centers (CUSC) of Alabama will pay a patronage rebate and dividend for the sixth straight year.

The patronage rebates and dividends are based on 2016 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 2016 NIBT before rebates for shareholder dividends. Total rebates and dividends paid out for 2016 total more than $204,000.

This is the second largest patronage dividend to date, exceeded only by that given in 2012. The total amount of rebates given since 2011, the first rebate and dividend payment year, is more than $1 million. The CUSC of Alabama network performed 2,941,940 Issuer transactions and 2,071,355 Acquirer transactions in 2016.

CUSC has a robust website for its member credit unions that includes marketing materials.

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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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