CO-OP Financial Services has disbursed $12.2 million dollars in a patronage dividend to its member credit union shareholders. The money is the cash portion of a total patronage pool of $22.2 million, the CUSO said.
Both the overall patronage pool and the cash disbursement were each up 12% from last the year, CO-OP said.
The $22.2 million patronage pool brings CO-OP's total patronage distribution to shareholders to $191.9 million since it became a credit union-owned cooperative in 1996, the CUSO said. CO-OP achieved total net income of $24.2 million, also a 12% increase over 2008, it added.
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"In spite of the difficult economy, credit unions and CO-OP continue to make a team that can compete with any national bank and win," said Stan Hollen, President/CEO of CO-OP Financial Services. "We have worked hard to strike a balance between reinvesting in the access and convenience products and services credit union members expect, and distributing a healthy patronage payout to our shareholders. Our goal will always be to help our clients be successful long into the future."
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