CO-OP Financial announces $17.3 million patronage pool
CO-OP Financial Services announced a patronage (shareholder dividend) pool of $17.3 million for fiscal year 2018, raising to $444.2 million the total patronage amount made available by CO-OP since becoming a cooperative in 1996. The cooperative’s previous two patronage distributions to its shareholder credit unions were $30.5 million and $26.1 million for fiscal 2017 and fiscal 2016, respectively. “CO-OP continued to make significant reinvestments in our credit union cooperative, owned by about 1,000 shareholding institutions, to ensure the industry has the solutions and services it needs to compete in a transforming marketplace,” said Todd Clark, president and CEO of CO-OP. “At the same time, we are providing a healthy patronage to our shareholders, balancing both short-term and long-term goals for all partners.” The national credit union network, based in Rancho Cucamonga, Calif., acquired Clive-based TMG in April 2017 for $100 million.