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ACIPCO Federal Credit Union Members Receive Rebate for 20th Consecutive year
BIRMINGHAM, AL – Nov. 28, 2012 – ACIPCO FCU, based in Birmingham, AL, announced today that its 7,300 members will receive a rebate for the 20th consecutive year. The board of directors for the $130 million credit union approved the interest rebate/bonus dividend for 2012 at 35 percent. This equates to more than $1.7 million; the largest rebate ever offered by ACIPCO FCU.
“We’re extremely fortunate to be able to offer such a large rebate with the economy in such an unstable state,” said ACIPCO FCU CEO Mike Harrell. “The credit union doesn’t take credit for this rebate; we owe our success to our loyal members.”
The 2012 interest rebate/bonus dividend is distributed to members based on interest earned and dividends received between Jan.1 and Sept. 30, 2012. The rebate will be deposited to members’ accounts by Dec. 15, just in time for Christmas.
ACIPCO FCU has been able to offer members a rebate since 1993. Over that 20-year span, ACIPCO has paid out more than $25 million. The credit union is able to offer a rebate because of its operating structure. A credit union is a not-for-profit cooperative that is owned by its members with any profits being put back into the credit union in the form of lower rates and fees, as well as a rebate in some cases.
The American Cast Iron Pipe Company (ACIPCO) began operating in Birmingham in 1905. By 1964, ACIPCO FCU was formed as a financial institution for ACIPCO employees and their families. You can learn more by visiting www.acipcofcu.com.