BIRMINGHAM, Ala.(12/13/11)--Credit Union Service Centers (CUSC) of Alabama, a shared-branching network, will pay a shareholder dividend for the second consecutive year.
The service centers board of directors also approved a patronage rebate program for participating credit unions. The program will rebate 40% of 2011 net income before taxes to participants based on the participating credit union's percentage of total transactions within the network during the year.
"The ability to institute this dividend and patronage rebate program validates the business model that CUSC of Alabama has put in place," said Patrick La Pine, CUSC chairman. "Credit unions see the value of shared branching and they have been a cornerstone of the success of the company. The board felt it was important to reward those credit unions that have contributed to the success of the organization. We also hope it spurs more credit unions to consider offering shared branching."
CUSC has 124 shared-service centers. In 2011, CUSC opened 10 new shared branching locations statewide.