ONTARIO, Calif. -- CO-OP Financial Services, the parent CUSO for CO-OP Network has announced that its member credit unions will receive a record patronage dividend this year.
The member-shareholders will divide a $12.1 million cash disbursement, $9.8 million in allocated patronage dividend and a $26 million total net income, CO-OP said.
"The CO-OP board is very proud of the value we've created for our credit union shareholders," said David Maus, chairman for CO-OP Financial Services. "The cash and allocated patronage dividend, coupled with an already competitive price, makes the CO-OP Financial Services business proposition compelling for credit unions."
Each of CO-OP's 1,035 member-shareholders receives a portion of the patronage distribution, which represents one-cent per ATM and point-of-sale transaction, the CUSO said.
"Teamwork and collaboration with all of our members is a cornerstone of CO-OP's success," said Stan Hollen, president/CEO, CO-OP Financial Services. "Specifically, 93.69% of our volume is generated by our shareholders, so it's certainly rewarding to provide another record return."