PORTLAND, Maine–For the tenth consecutive year, Synergent, the Maine Credit Union League’s service subsidiary, has provided a rebate to its credit union partners. Totaling $750,000, the rebate was approved by Synergent’s Board of Directors as a way to express their thanks and appreciation to their partner credit unions. The Board also approved a price reduction for Synergent Card Services' users at the same time, the company said.
"It is because of the support of our credit union partners that Synergent continues to grow and be successful, so the opportunity to share our success with those that use our services is particularly gratifying to everyone," said John Murphy, President/CEO, in a statement. "I once again want to emphasize that our ability to share our success with the credit unions that utilize our services is not done at the expense of how we serve credit unions."
Synergent said it recognizes the numerous economic and business challenges that credit unions face. “While credit unions are able to utilize the rebates as they wish, many are able to reinvest in products and services that directly benefit and impact members,” the company said. “Synergent also was able to invest in its operations while being able to provide this substantial reward to its credit union partners.”
“Synergent’s annual budget [August 1, 2016 – July 31, 2017], which was approved by the Synergent Board last month, includes an additional $1.5 million investment in our various lines of business and three additional staff positions in Technology Services. In addition, there are no price increases included in our 2016-2017 budget,” said Murphy.