The CO-OP Network said it will make a record patronage distribution of $7 million for 2002. The cash disbursement to member-shareholders, equal to 93% of net income from operations after taxes, and is 132% larger than declared last April. CO-OP Network member-shareholders, which constitute more than 50% of the organization's 1,213 member credit unions, each receive a portion of the patronage distribution. Additionally, the board of directors for Service Centers Corporation, a CO-OP Network subsidiary specializing in shared branching, has declared a $524,400 patronage distribution, equal to 40% of taxable income. "A variety of factors have contributed to our recent success, including a seventh major price reduction, record-setting transaction volumes and having more than 17,000 surcharge-free ATMs in our ever-expanding Network," said said CO-OP Network CEO Robert Rose.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
April 26 -
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
April 26 -
The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
April 26 -
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
April 26 -
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
April 26 -
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
April 26