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CO-OP patronage distribution totals 22.2M for 2009
RANCHO CUCAMONGA, Calif. (4/16/10)--CO-OP Financial Services announced its patronage pool totaled $22.2 million during 2009, with a cash disbursement to its member credit union shareholders of $12.2 million--12% more for each figure than in 2008. The Rancho Cucamonga, Calif.-based provider of access and convenience services for credit unions said the pool brings its total patronage distribution to shareholders to $191.9 million since it became a credit union-owned cooperative in 1996. During 2009, CO-OP achieved total net income of $24.2 million, also a 12% increase over 2008. "In spite of the difficult economy, credit unions and CO-OP continue to make a team that can compete with any national bank and win," said Stan Hollen, president/CEO of CO-OP Financial Services. "We have worked hard to strike a balance between reinvesting in the access and convenience products and services credit union members expect, and distributing a healthy patronage payout to our shareholders. Our goal will always be to help our clients be successful long into the future," Hollen added.


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