CO-OP Financial Services to Pay Back $25.9 Million
CCO-OP Financial Services said Wednesday that it plans to return $25.9 million to its member-owners this year, a 73% increase over last year’s $15 million.
The sharp growth in the fiscal year 2012 payback is due in part of the mergers, acquisitions and partnerships that CO-OP entered in at the end of 2011.
“Throughout 2012, we have been dedicated to making sure those investments contribute to a bright future for our movement,” said Stan Hollen, president/CEO of the payments and processing CUSO based in Rancho Cucamonga, Calif.
From Dec. 31, 2011, to Feb. 29, 2012, CO-OP combined shared branching operations with Financial Service Centers Cooperative in Ontario, Calif.; purchased the online and mobile bill pay services of Corporate Network eCom LLC of Lenexa, Kan., and partnered with The Members Group of Des Moines, Iowa, on credit processing and other payment products.
“The steps we took then were ones that we had wanted to take for a long time,” said Hollen. “When the opportunities presented themselves, we acted expeditiously under the guidance of our long-term strategic plan.”
The total amount of shareholder patronage since CO-OP became a credit union-owned cooperative in 1996 is now $254.2 million, the company said, and it now has nearly 1,200 member shareholders and more than 3,500 client credit unions.
CO-OP’s annual shareholders meeting will be held on May 1 at 11:30 a.m. CDT during its THINK 13 conference in Chicago.