BIRMINGHAM, Ala. – In another of what is expected to be record payouts for credit unions this year, ACIPCO FCU announced a $1.7 million interest rebate/dividend this morning, equating to 35%, to be paid December 15, in time for Christmas spending.
“We’re extremely fortunate to be able to offer such a large rebate with the economy in such an unstable state,” said Mike Harrell, president of the $140 million credit union. “The credit union doesn’t take credit for this rebate; we owe our success to our loyal members.”
ACIPCO, chartered to serve employees of the American Cast Iron Pipe Company, is among the growing number of credit unions reporting big earnings for 2012—an annualized return-on-assets of 2% through the first three quarters of the year—another sign of what is turning out to be a record year for credit unions.
The 2012 interest rebate/bonus dividend will be paid to members based on interest earned and dividends received between Jan.1 and Sept. 30.
ACIPCO has paid members a rebate since 1993, a total of $25 million, but this is the biggest ever.