RANCHO CUCAMONGA, Calif. (4/11/13)--CO-OP Financial Services will return $25.9 million in patronage dividends to its shareholder credit unions for fiscal year 2012, a 73% increase in patronage over the $15 million it returned to shareholders in 2011.
With this year's dividend, CO-OP has returned $254.2 million to shareholders 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, CO-OP Financial Services president/CEO. "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, Kan.; 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, took place within 61 days--from Dec. 31, 2011, to Feb. 29, 2012.