CO-OP Financial Services announced a shareholder dividend pool of $26.1 million for fiscal year 2016.
This raises the total patronage amount to $393.7 million made available by CO-OP since becoming a cooperative in 1996.
“This latest year’s healthy patronage to our 1,200 shareholding credit unions represents a balance with the more than $25 million we are investing in the company in 2017 on technology infrastructure and product innovation,” said Todd Clark, president/CEO.
“We are particularly pleased to return such a large patronage to shareholders on the heels of our acquisition earlier this month of TMG, making us a fully integrated, comprehensive payments services company to shareholders, clients and the entire credit union movement,” he said.
CO-OP reached an agreement to maintain ATM presence in 7-Eleven stores nationwide; formed a partnership with Early Warning that gives credit unions access to the Zelle Network for payments; and acquired TMG.