CUSC of Alabama gives back for fifth straight year
Shared branching had a very healthy year in Alabama in 2015. 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 fifth straight year. The patronage rebates and dividends are based on 2015 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 2015 NIBT before rebates for shareholder dividends. Total rebates and dividends paid out for 2015 total more than $173,000.
“To offer a rebate and dividend for five years in a row shows that credit union members see value in shared branching,” said CUSC Chairman Patrick La Pine. “We saw excellent growth in new outlets in 2015 and that has also carried over into 2016 with nine new outlets expected by this June. Shared branching continues to bring convenience to credit union members across Alabama.”
CUSC of Alabama added 15 outlets to the network in 2015; the most it has added in three years. There are currently 176 shared branching locations throughout the state. The CUSC of Alabama network performed 3,890,401 Issuer transactions and 2,046,174 Acquirer transactions in 2015.