CO-OP Network To Pay Record $7-Million Patronage Dividend
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.