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FSCC shared-branch dividends to exceed 1.2 million

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SAN DIMAS, Calif. (3/19/08)--Credit union shared-branch network Financial Service Centers Cooperative (FSCC) announced a patronage dividend of more than $1.2 million for 2007. The dividends will be disbursed to patrons following the release of FSCC’s annual audit next month. The dividends are paid to shareholders for acquired transactions performed in their branches and shared-branch credit union kiosks. The dividends were calculated based on year-end figures of more than 50 million transactions. Shareholders will receive the income generated through the transactions inside 7-Eleven stores. Since September, members made transactions at the kiosks, or Vcom units inside the stores. The company also reported that member acceptance of the Vcom units exceeded projections. The average deposit at a Vcom is $660--whereas deposits at a credit union kiosk averages $528. The average loan payment at a Vcom is $513, compared with a $352 credit union kiosk, the company said. FSCC also added more than 200 traditional shared-branch locations in 2007. FSCC provides 5,000 full-service deposit-taking locations in the U.S. and in five countries. FSCC credit unions represent $133 billion in assets.