Citing operational savings, absorbing costs and expanding its reach, CO-OP Financial Services said it is returning $20.2 million to its shareholders in its patronage pool for 2010.
This year’s brings the total dividends to $212.1 million since the company became a cooperative in 1996, CO-OP said.
"The $20.2 million patronage pool represents a strong annual dividend to our shareholders, and at the same time we continue to invest in products and services that maximize benefits to both credit unions and their members," said Stan Hollen, president/CEO of CO-OP Financial Services in Rancho Cucamonga, Calif.
CO-OP said $64 million in surcharge replacement services were realized in the past year through investment in access to ATMs 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 in savings to CO-OP clients, the company said.