ARLINGTON, Va. – CO-OP Network, the largest credit union owned ATM network in the U.S. has announced that any of its member credit unions, which have been “shareholders of record” from 1996 to 2001, some 88% of its membership, have been granted an additional sum of money from the Network’s profits. The Network was able to distribute to the credit unions an additional $6 million, on top of the just over $3 million they made from 2001′s business which the firm distributed in April. This has been the second year the firm was able to make the “special patronage distribution” the Network said. The figure was calculated based on the activity in the first six months of 2002, the Network said. “As a true national cooperative, CO-OP Network returns profits to its loyal member-shareholders in the form of patronage distribution,” said CO-OP Network president Robert Rose. “For the last two years, due principally to our broadening financial strength, business investments and increased EFT transaction volumes across North America, CO-OP Network has been able to provide an additional payout to shareholders in the form of a special distribution. The net result has been larger patronage returns to all our shareholders,” he added. There is no direct trigger to determine when the Network makes a special patronage distribution, according to Rick Danzey, communication and public relations manager for CO-OP Network. The board of directors meets and determines that this is a good time, based on the Network’s financial situation in a number of areas, he explained. Even though Rose mentioned “business investments” in his statement, Danzey said that the bulk of the activity had come from increased transactions through more outlets.
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