CO-OP Pays $10.4M Dividend
The CO-OP Network will be paying its member/owners a $10.4-million patronage dividend for 2005, slightly larger than last year's $10.3-million payout, and one of the largest dividends ever for a credit union-owned entity.
CO-OP officials attributed the record payout to the expansion of the network and increased volume, which topped 1.1 billion transactions last year, boosting the network's net income to a new high of 26 million.
"Co-operative law requires us to pay out a minimum of 20% of our net income each to members and this year our board decided to pay out $10.4 million of the $26 million pool," said Jim Hanisch, EVP of CO-OP.
Net income for 2005 compares to a net of $22.4 million for 2004.