CO-OP Network Boosts AnnualDividend
ONTARIO, Calif. - (05/10/06) -- The CO-OP Network announced Tuesdayit will be paying its member/owners a $10.4 million patronagedividend for 2005, slightly larger than last year's $10.3 millionpayout, and one of the largest dividends ever for a creditunion-owned entity. CO-OP officials attributed the record payout tothe expansion of the network and increased volume, which topped 1.1billion transactions last year, which increased the network's netincome to a new high of 26 million. "Co-operative law requires usto pay out a minimum of 20% of our net income each to members andthis year our board decided to pay out $10.4 million of the $26million pool," Jim Hanisch, executive vice president of CO-OP, toldThe Credit Union Journal. Net income for 2005 compares to a net of$22.4 million for 2004. All of the credit union-owned network's1,835 credit union owners will receive a portion of the dividend incash payments by next week, according to Hanisch.