BIRMINGHAM, Ala. (11/29/12)--For the 20th consecutive year, ACIPCO FCU, based in Birmingham, Ala., announced its 7,300 members will receive a rebate totaling more than $1.7 million.
The interest rebate/bonus dividend is the largest rebate ever offered by the $130 million asset credit union to its members. Its board of directors approved the rebate/dividend for 2012 at 35%.
"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 dividend--distributed to members based on interest earned and dividends received between Jan. 1 and Sept. 30--will be deposited into members' accounts by Dec. 15.
ACIPCO FCU has offered a rebate since 1993 and has paid out more than $25 million to members during the past 20 years. It serves employees of the American Cast Iron Pipe Co. and their families.