Vizo Financial Gives Back $3.8 Million

Vizo Financial Corporate Credit Union of Greensboro, N.C., gave back more than $3.8 million to member credit unions in December.

The distribution was through a service usage credit and a higher rate on the Perpetual Contributed Capital (PCC) account, which stood at $216.8 million on Nov. 30.

The $3.8 million represents 0.07% of its $5.2 billion in average assets for the 12 months ending Nov. 30, or an average of $6,355 for each of its 598 credit unions. Vizo’s net income was $60.3 million in that period, or 1.15% of average assets, down from 1.48% a year earlier.

In a Dec. 19 news release, then-President/CEO David Brehmer said Vizo Financial has “worked diligently over the years to rebuild” its financial position.

“We are pleased to report we have never been stronger than we are today,” Brehmer said. “This has afforded us the opportunity to share our financial success with our members, and we are proud to announce these two givebacks to capital members this December.”

Vizo Financial announced in March 2023 that Brehmer would retire effective Jan. 5 after 29 years leading the corporate credit union. His successor was Fred Eisel, formerly chief investment officer for Vizo Financial.

This season’s giveback included a new component, the Member Incentive Credit (MIC) program, which rewards capital members for their support and use of the corporate credit union and its payments CUSO, MY CU Services.

Rodney May, Vizo Financial’s chief engagement officer, said the MIC program shows the corporate credit union’s appreciation for its members.

“Their consistent participation in our critical products and services gives us the opportunity to maximize potential cost savings,” May said.