Press
FSCC Shared Branching Network Pays Out Over $1 Million in Patronage Dividends
Contact: Micah J. Parker
Communications Manager, FSCC
(888) 372-2669 ext.1239
mparker@ fscc.com
ONTARIO, CA – June 10, 2011 – FSCC (Financial Service Centers Cooperative, Inc.), the nation’s largest credit union shared branching network with over 6,500 network locations, announced the return of patronage dividends to participating credit unions for shared branching transactions performed in 2010. The total dividend for 2010 was $1,003,752. On June 8, 2011, $200,750 or twenty percent of the total dividend was paid out in cash. These dividends are paid out to shareholders for acquired transactions performed in their branches and shared branching kiosks owned by participating credit unions. The remaining eighty percent is distributed in a written notice of allocation.
During the past decade, FSCC has returned over $14.5 million in patronage dividends, rebates, and return of capital to its participating credit unions. The 2010 dividend of $1,003,752 brings that total to more than $15.5 million. This marks the 11th consecutive year that FSCC has paid dividends to its shareholders, averaging more than a million each year for more than a decade.
“What an accomplishment to give back to our patrons for 11 consecutive years, especially during such trying economic times” said Steven M. Stapp, Chairman of FSCC’s Board of Directors and CEO of San Francisco Federal Credit Union. “This is a true testimony to the collaborative partnership we share with our participating credit unions. They demonstrate their faith in shared branching by opening their doors wide to other credit union members, and in return they are rewarded with customer loyalty, as well as patronage dividends. What an honor to be a part of this!”
FSCC President/CEO Sarah Canepa Bang said, “It has been said ‘If you want to be incrementally better: Be competitive. If you want to be exponentially better: Be cooperative.’ I don’t think anything proves the truth of this statement more than the cooperation attained in shared branching and the results seen above. We’re excited to work with all of credit union partners in being exponentially better!”
About FSCC (Financial Service Centers Cooperative, Inc.)
FSCC is the nation’s largest and most convenient credit union Shared Branching Network providing over 6,500 full service deposit-taking locations in all 50 states. FSCC can be summed up in three words: Connectivity, Continuity, and Convenience. Dedication to all three of these values inspired FSCC to create the Collaborative Innovation Model, or CIMple, bringing to the table a full suite of electronic and personal member service tools. FSCC is also the innovator behind 24/7 shared branching at more than 2,200 7-Eleven® Vcom® units. FSCC credit unions represent $144.8 billion in total assets and 12.2 million members. Since 1999, FSCC has returned over $15.5 million to its members through patronage dividends, rebates and return of capital. For more information, please visit http://www.fscc.com or call 888-372-2669 ext. 1236.