Our success is your success!
Since 1998, Shared Services for Credit Unions has given back $11.2 million in the form of patronage rebates to its participating credit unions and dividends to its Stockholders. SS4CU is a CUSO, meaning, a Credit Union Service Organization, owned and controlled by credit Unions for the benefit of credit unions. It’s a win-win-win for the shared branching network, the credit unions, and their valued members.
Following the receipt of the year end audited financial statements; each participating credit union is eligible to receive a check based on their participation in the network, their share of total transactions processed, and the Stock they own, if any.
The Board approved the 2019 revenue distribution, including dividends, totaling 80% of Net Income Before Tax (NIBT). The patronage rebate which is 70% of NIBT was distributed as 10% to Issuers and 90% to acquirers, based on completed transaction volumes. 10% of NIBT is distributed out of retained earnings as a Stockholder dividend. This totaled $703,298 given back to the credit unions as they are the backbone of the Florida network.
It’s SS4CUs way of thanking credit unions for the success of shared branching. Click here to learn more.