CO-OP Financial Services Dividend Pool Sees 73 Percent Year-Over-Year Growth
April 11, 2013
April 11, 2013
CO-OP Financial Services is announcing a patronage (shareholder dividend) pool of $25.9 million for fiscal year 2012, a 73 percent increase in patronage compared to the 2011 figure of $15.0 million. This brings the total shareholder patronage amount for CO-OP to $254.2 million since becoming a credit union-owned cooperative in 1996.
“The substantial increase in patronage for 2012 compared to the previous year is partly attributable to the success of the series of mergers, acquisitions and partnerships we entered at the end of 2011,” said Stan Hollen, president and CEO of CO-OP Financial Services. “Throughout 2012, we have been dedicated to making sure those investments contribute to a bright future for our movement.”
CO-OP combined shared branching operations with Financial Service Centers Cooperative, Inc. (FSCC) of Ontario, Calif.; purchased the online and mobile bill pay services of Corporate Network eCom, LLC, of Lenexa, Kansas; and partnered with The Members Group (TMG) of Des Moines, Iowa, on credit processing and other payment products. The closing of the FSCC merger, the eCom acquisition, and the completion of CO-OP’s strategic investment in TMGall took place in the space of just 61 days—from Dec. 31, 2011, to Feb. 29, 2012.
“The steps we took then were ones that we had wanted to take for a long time,” Hollen said. “When the opportunities presented themselves, we acted expeditiously under the guidance of our long-term strategic plan. This year’s patronage distribution is just one example of how these activities are helping us return maximum value to our nearly 1,200 member-shareholder institutions.”
CO-OP Financial Services is the nation’s largest credit union service organization, specializing in products that help credit unions compete successfully by maximizing their operational efficiency and making it easier and more convenient for members to do business with them. The company services more than 3,500 participating credit unions.
CO-OP Financial Services will be holding its Annual Meeting of Shareholders during the THINK 13 Conference in Chicago, Ill. The meeting will take place at 11:30 a.m. central time on Wed., May 1. To register immediately for the THINK 13 Conference, visit www.co-opthink.org.
Strategic Link is the NWCUA’s wholly-owned service corporation, providing the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. To learn more about how the Association’s partnership with CO-OP Financial Services can benefit your credit union, contact Director of Strategic Partnerships Craig Reed: 206.340.4789, email@example.com.
Posted in Financial Education.