RANCHO CUCAMONGA, Calif. – CO-OP Financial Services, the credit union-owned electronic payments service, said this morning it is paying its 1,200 credit union shareholders a $15.9 million patronage dividend for fiscal year 2011.
“CO-OP Financial Services had a remarkable 2011 for our clients and shareholders,” said Stan Hollen, president of CO-OP. “We achieved a number of key company milestones that benefit the credit union movement. At the same time, we maintained another outstanding patronage year, allowing us to provide a cash dividend to shareholders and continue to invest in products and services that will benefit all clients and their members.”
This year’s payout is down from last year's $20.2 million dividend and makes a total of $229.2 million paid out to credit unions by CO-OP since 1996.
Separately, CO-OP said Financial Service Centers Cooperative, the shared branching network acquired by CO-OP earlier this year, is paying its members a $14.1 million dividend as part of the merger.
