BIRMINGHAM, Ala., and TALLAHASSEE, Tenn. (2/20/13)--Member credit unions of the League of Southeastern Credit Unions & Affiliates will receive a 10% dues rebate in 2013--the first time credit unions in either state have received a dues rebate.
A strong financial 2012 recorded by the league and LEVERAGE, its League Service Corp., made the rebate possible, LSCU announced Tuesday.
"The LSCU & Affiliates works hard to be streamlined and efficient," said LSCU & Affiliates President/CEO Patrick La Pine. "When we have a great year, it only makes sense to share our successes with our member credit unions that helped us achieve this success."
The rebate is "a good example of how the league doesn't take affiliation for granted," said LSCU/LEVERAGE Board Chairman Mary Ott Wood, CEO of Brandon-based Florida West Coast CU. She noted the rebate "is not a marketing ploy to drive up affiliation," but just "good business sense…We're working together to help all of our credit unions succeed."
The rebate will be in the form of a paper check at the end of first quarter. The league also noted several restrictions:
- Credit unions must pay their dues in full by March 31;
- Those that aren't affiliated in previous years are eligible to receive the rebate in 2013, but must pay dues in full by March 31; and
- Any credit union granted a dues waiver or reduction in 2013 is not eligible for the rebate.
LSCU closed the year with $150,000 in net income, which it attributed to running a streamlined operation and an increase in attendance at its education and training events.
LEVERAGE recorded more than $340,000 in net income. LEVERAGE provided part of its surplus to the league as a dividend to help fund the dues rebate.