TALLAHASSEE, Fla. (8/26/14)--CU24, a credit-union owned cooperative that provides electronic-funds transfer and payment-related services to small- and mid-size credit unions, will distribute $1 million in patronage dividends to its shareholder credit unions.
The dividends will be distributed in the third quarter.
"The board of directors declared this patronage in accordance with our mission to help our credit unions compete and improve their members' lives," said Mansel Guerry, CU24 president/CEO. "The dividend is reflective of the company's positive financial performance and the value of participation for credit unions of all sizes."
CU24 has disbursed more than $17.5 million to credit union shareholders since the company was established in 1981.
In addition to patronage dividends, shareholders have a voice in the network's structure and governance, including the development and enhancement of services that credit unions need to compete in an increasingly challenging financial services industry.
"Now, more than ever, it is important for credit unions to be part of a credit union-owned organization, an organization that focuses on credit union interests as opposed to maximizing its own earnings," said Guerry.