RANCHO CUCAMONGA, Calif. (4/15/14)--CO-OP Financial Services Monday announced a shareholder dividend pool of $30.5 million for fiscal year 2013, a 17% increase in patronage compared with the 2012 figure of $26.1 million.
The dividend brings the total shareholder patronage amount for CO-OP to $284.8 million since becoming a credit union-owned cooperative in 1996.
"The year 2013 was a good one for the credit union system, with membership, loans and earnings up in aggregate for the industry," said Stan Hollen, CO-OP Financial Services president/CEO. "At CO-OP, we had record sales and earnings, enabling us to provide our nearly 1,200 member-shareholder institutions with a healthy increase in patronage for the year."
Highlights for CO-OP during the past year include:
- Zero unscheduled or scheduled downtimes on electronic-fund transfers switches for the second year in a row;
- During 2013, CO-OP gained new credit processing contracts with two of the top 10 largest credit unions in the U.S.;
- A record 2.8 billion transactions processed; and
- 8.7-plus customer satisfaction ratings in all of businesses units
CO-OP Financial Services is the nation's largest credit union service organization serving more than 3,500 participating credit unions.
CO-OP Financial Services will be holding its annual meeting of shareholders May 21 during the THINK 14 Conference in New Orleans.