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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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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