CO-OP Returns $20.2 Million in 2010 Dividends
CO-OP Financial Services said it is returning $20.2 million to its shareholders in its patronage pool for 2010.
This year’s total brings to $212.1 million in total dividends since the company became a cooperative in 1996, CO-OP said.
The big CUSO now has about 1,200 member-shareholders and more than 3,000 credit unions using its products and services.
California-based CO-OP said $64 million in surcharge replacement services were realized in the past year through investment in access to ATM in retail locations such as 7-Eleven and Costco. Operational cost cuts, price reductions, absorbing telecommunications upgrade costs and providing client promotional materials and support resulted in an estimated $18.4 million to CO-OP clients, the company said.
CO-OP Financial Services operates the CO-OP Network, offering members of participating credit unions surcharge-free access to 28,000 ATMs, and processed more than 2 billion payment transactions through ATMs and cards last year. Totaled shared branching transactions in 2010 exceeded 71 million, the company said.