CO-OP Announces $15.9 Million Patronage Distribution
CO-OP Financial Services said Monday it will pay $15.9 million in patronage distributions to shareholders for fiscal year 2011 and another $14.1 million to shareholders of FSCC Inc., the shared branching operation it recently acquired.
The CUSO, with about 1,200 member owners and more than 3,000 credit union clients, said the patronage payout brings to $229.2 million the total since it became a credit union cooperative in 1996.
“We achieved a number of key company milestones that benefit the credit union movement,” Stan Hollen, president/CEO, said of the 2011 fiscal year. “At the same time, we maintained another outstanding patronage year, allowing us to provide a cash dividend to shareholders and continue to invest in products and services that will benefit all clients and their members.”
Highlights included the FSCC merger, a cross-selling partnership with The Members Group of Des Moines, Iowa, and the purchase of online and mobile bay services of Corporate Network eCom LLC from U.S. Central Bridge.
The big CUSO also cited its donation of $1 million to support credit union fundraising efforts for Children’s Miracle Network Hospitals through its CO-OP Miracle Match program.
CO-OP said the completion of the FSCC acquisition allowed it to pay $14.1 million to its shareholders, a figure that includes all revolving fund balances, 2011 patronage and common stock. FSCC is now part of CO-OP Shared Branching, one of five CO-OP business lines.
California-based CO-OP said it now has 30 million cardholders, 28,000 surcharge-free ATMs, 4,500 shared branch locations and handles more than two billion annual transactions.