SOUTHFIELD, Mich. – Service Centers Corporation, the Michigan-based subsidiary of CO-OP Network that provides shared banking facilities to 300 member credit unions, announced its first patronage dividend in its history. The 300 member credit unions that are part of its shared branching network will receive part of a nearly $300,000 dividend, based on their transaction volume between January 1 and May 31, 2002, the SCC said. Ken Sucher, Chief Information Officer for the network, said this was the first distribution because the Internal Revenue Service had only recognized the firm as a co-op at the end of 2001. "We were recognized as a non-profit, but not as a co-op," Sucher said. The firm also said a much larger distribution for the final seven months of 2002, representing the period following the closing of SCC's business combination with CO-OP Network, is anticipated in the next few months.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
