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CO-OP announces patronage dividend of 15.9M
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.


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