RANCHO CUCAMONGA, Calif. (April 10, 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/CEO, 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 and eCom acquisition, and the completion of CO-OP's strategic investment in TMG, all 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," said Hollen. "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.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company specializes in helping credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/ Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.