CO-OP Financial Services announced a patronage (shareholder dividend) pool of $25.9 million for fiscal year 2012, a 73 percent increase in patronage compared to the 2011 figure of $15 million. This brings the total shareholder patronage amount for CO-OP to $254.2 million 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,” CO-OP President/CEO Stan Hollen said. “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.; purchased the online and mobile bill pay services of Corporate Network eCom, and partnered with The Members Group 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, all took place in the space of just 61 days – from Dec. 31, 2011, to Feb. 29, 2012.