ONTARIO, Calif. – The CO-OP Network, the largest credit union-owned surcharge-free ATM and shared branching network, has announced an over $10 million patronage for 2005.

This is the largest cash disbursement by a credit union service organization in history, the CO-OP said

“An assortment of factors has contributed to the record $26 million patronage pool and another monumental shareholder payout,” says CO-OP Network CEO Stan Hollen. “Last year transaction volumes topped 1.1 billion, our surcharge-free network surpassed 25,000 ATMs across 10 countries, we now have 24 million cardholders and we're close to 2,000 member credit unions.

“We deliver premium service and products at an excellent value. Outside of patronage, our members have enjoyed nine price reductions during the past nine years-and we anticipate another reduction in 2006.”

All CO-OP Network member-shareholders receive a portion of the patronage distribution. The payout represents nearly one-cent per ATM and point-of-sale transaction, the CO-OP said.