RANCHO CUCAMONGA, Calif. -- CO-OP Financial Services gave its member credit unions a bit fatter bottom line when it announced another big patronage dividend.
The parent organization for the popular CO-OP Network of surcharge-free ATMs has announced a patronage pool of $24.5 million for 2007, with a record-setting cash disbursement of $13.3 million.
"Many factors contributed to the 10% increase in cash distribution to our shareholders," said CO-OP Financial Services CEO Stan Hollen. "In 2007, we brought our members cost-savings with our 10th price reduction in 10 years. We also set another annual transactions record of 1.6 billion thanks in part to partnering with CUSC to operate CO-OP Shared Branching. CO-OP continues to be successful because of our members and we're able to reward their ongoing support in dividends and service."
The cash disbursement, which represents one-cent per ATM and point-of-sale transaction, will be shared by CO-OP's 1,171 member-shareholders, the cooperative said.
--dmorrison@cutimes.com
