RANCHO CUCAMONGA, Calif. (4/3/12)--CO-OP Financial Services will distribute a patronage dividend of $15.9 million to shareholders for fiscal year 2011.
The distribution brings CO-OP's total patronage amount to $229.2 million since becoming a credit union cooperative in 1996.
Key events for CO-OP in 2011 included:
- Merger with FSCC Inc., to unify credit union shared-branching services.
- A strategic partnership with The Members Group of Des Moines, Iowa, to cross-sell selected products and services.
- Acquisition of online and mobile bill pay services of Corporate Network eCom LLC, completed in January.
- Launch of a general media campaign urging consumers to switch from banks to credit unions. The humorous ads use the tag line "Banks Don't Like You. Credit Unions Do."
- Donation of $1 million to support credit union fundraising efforts for Children's Miracle Network Hospitals through its CO-OP Miracle Match program.
- A record-high client satisfaction rating set in the first half of 2011, then surpassed in the second half.
The completion of the shared-branching merger enabled FSCC Inc., to pay $14.1 million to its shareholders, a figure that includes all revolving fund balances, 2011 patronage and common stock (based on FSCC book value). The company is now known as FSCC LLC and is part of CO-OP Shared Branching, one of five CO-OP business lines.