RANCHO CUCAMONGA, Calif. – CO-OP Financial Services, which operates the CO-OP ATM network, yesterday said it is paying member/owners a $24.5 million patronage dividend this year, up from from last year’s $22.9 million.
The cash portion of the dividend will be $13.3 million, up from last year’s $12.1 million cash payout.
The cash disbursement, which represents one-cent per ATM and point-of-sale transaction, will be shared by CO-OP's 1,171 member-shareholders.
The increase in the annual payout was due to several factors, CO-OP CEO Stan Hollen told credit union executives at the company’s annual THINK 2008 annual shareholders meeting last week. Factors include higher net income, cost savings that allowed for a tenth annual price reduction and growth in transaction volume.
