CO-OP Pays Out $20M
RANCHO CUCAMONGA, Calif.-CO-OP Financial Services last week announced a patronage dividend for shareholders of $20.2 million for fiscal year 2010.
"The $20.2-million patronage pool represents a strong annual dividend to our shareholders, and at the same time we continue to invest in products and services that maximize benefits to both credit unions and their members," said Stan Hollen, CO-OP FS CEO.
CO-OP FS is parent to CO-OP Network, which offers members of participating CUs surcharge-free access to 28,000 ATMs nationwide. CO-OP estimates that its member CUs were able to realize $64 million in surcharge replacement savings during 2010.
In addition, in 2010 CO-OP reduced operational costs, introduced price reductions, provided client promotional materials and support, and absorbed infrastructure costs to upgrade the telecommunications platform for all CO-OP services, for a total 2010 savings to clients it estimates at $18.4 million. Other milestones for 2010 include:
• Processing more than 2 billion payment transactions via CO-OP Network, third-party ATM, PIN/Signature debit and credit card.
• Total shared branching transactions that exceeded 71 million through its CO-OP Shared Branching.
• Processing of more than 200,000 transactions per month via CO-OP Mobile and CO-OP My Deposit.
• The introduction, via CO-OP Member Center, of outbound call services to help credit unions proactively capture lending opportunities.