COLORADO SPRINGS, Colo.–Looking back on what he said was a "very good year" with plans to do credit card processing by yearend, Chairman of CO-OP Financial Services David Maus vowed Thursday to keep the credit union-run CUSO firmly in CU hands despite the conversion "rhetoric" of the times.
"We remain credit union centric," declared Maus at the CO-OP Financial Services 2007 Conference & Annual Shareholders' Meeting. He cited CO-OP's record growth in electronic funds transfer and ATM expansion and its successful 7-Eleven venture in 5,300 stores plus plans for a hookup with Costco Wholesale Corp. for surcharge-free access at 350 of its stores.
As testimony to new milestones, CO-OP officials announced to a scattering of audience applause it had just paid out a record $12.1 million dividend and a $9.8 million allocated equity dividend to its 1,032 CU owners,
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Maus, who also is president/CEO of Public Service CU of Denver also told Credit Union Times he hoped the recent wave of business agreements with league-tied processing groups following the 51% buyout of Atlanta-based Credit Union Service Corp. would continue.
Although there are no talks now, Financial Service Centers Cooperative, with headquarters in San Dimas, Calif. not far from CO-OP's home base in Ontario, Maus said it has long remained an anomaly to have two CU firms operating in similar realms and so closer ties remain desirable.
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