RANCHO CUCAMONGA, Calif. CO-OP Financial Services announced this morning it is paying its members a $25.9 million patronage dividend this year, up 73% from last year’s $15 million, as transaction volume soared on the credit union-owned payments network.
The dividend will be paid to CO-OP Financial’s 1,200 credit union owners.
“The substantial increase in patronage for 2012 compared to the previous year is partly attributable to the success of the series of mergers, acquisitions and partnerships we entered at the end of 2011,” said Stan Hollen, president of CO-OP Financial. “Throughout 2012, we have been dedicated to making sure those investments contribute to a bright future for our movement.”
CO-OP combined shared branching operations with Financial Service Centers Cooperative, Inc. (FSCC) of Ontario, Calif.; purchased the online and mobile bill pay services of Corporate Network eCom, LLC, of Lenexa, Kansas; and partnered with The Members Group (TMG) of Des Moines, Iowa, on credit processing and other payment products. The closing of the FSCC merger and eCom acquisition, and the completion of CO-OP’s strategic investment in TMG, all took place in the space of just 61 days from Dec. 31, 2011, to Feb. 29, 2012.
This year’s payout brings the total shareholder patronage amount for CO-OP to $254.2 million since becoming a credit union-owned cooperative in 1996.
