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CUSC of Alabama to offer patronage dividend

For the third straight year, the Credit Union Service Centers (CUSC) of Alabama will pay a dividend to its shareholders. Additionally, the CUSC board approved a Patronage Rebate Program of 60 percent of 2012 net income before taxes. This means participating credit unions will see a 20-percent increase in the amount of the patronage rebate from 2012. The exact amount of the rebate will be based on the credit union’s percentage of total transactions in the past year. 

“It’s important to the CUSC board to reward participating credit unions with this rebate,” said CUSC Chairman Patrick La Pine. “Shared branching is one of the unique ways that credit unions are different from other financial institutions. We have seen more transactions and more growth within the network. The board hopes more credit unions will see this success and help provide members with the convenience they desire.”

Monthly transaction volume for the network has increased 22.6 percent since January of 2012. Also, on Jan. 1, 2013, CUSC has reduced the cost of the acquirer side of a transaction by ten cents per transaction.  CUSC of Alabama currently has 131 service centers in the state, which includes eight new shared branching locations that were opened across Alabama in 2012. The national shared branching network has grown to include more than 5,000 locations in the United States.

CUSC provides its member credit unions with marketing materials and a promotional video within its website. Credit union members are asked to look for the swirl. A shared branching message is also a part of the League of Southeastern Credit Unions (LSCU) Statewide Image Campaign that has run in 2011 and 2012.