CO-OP Declares $30.5 Million Patronage Dividend

RANCHO CUCAMONGA, Calif. – CO-OP Financial Services a patronage dividend for its shareholders of $30.5 million for fiscal year 2017. That brings to $426.8 million the total patronage amount made available by CO-OP since becoming a cooperative in 1996, the company said.

“CO-OP made a tremendous investment in technology infrastructure and product innovation in 2017, in addition to acquiring TMG,” said Todd Clark, president/CEO of CO-OP, in a statement.

Clark Todd

Todd Clark

“The result is a strategic focus on offering solutions that deliver a personalized, seamless and secure experience for members to engage with their credit union. This vision was realized through the hard work of a new, dedicated and diverse leadership team from the two legacy companies and new hires as well. Our year of transformation was also a well-balanced one, enabling us to report a strong patronage to our 1,200 shareholding credit unions.”

According to CO-OP, recent highlights of its activities reflect the company’s strategic priorities of client centricity, digital enablement and access, leveraging data intelligence and continuous improvement.

Among those highlights:

  • CO-OP unveiled MyCO-OP, a new client portal that provides credit unions with secure, universal access to CO-OP applications through a single, highly intuitive user interface. The launching point for all things CO-OP, it dramatically simplifies the way clients access and use CO-OP applications.
  • CO-OP reported it established a new annual record by processing more than 6.6 billion credit, debit, electronic funds transfer (EFT) and shared branch transactions in 2017 – doubling 2016’s figure of 3.3 billion transactions. 
  • The company launched its client Co-Creation Councils, designed to give credit union leaders an active role in shaping the future of payments and provide a tangible platform for collaborating on shared business issues. CUToday.info has additional coverage of the Councils here.
  • A new mobile locator app for the CO-OP ATM and CO-OP Shared Branch networks were launched, as well as Mobile Banking 3.0, offering advanced new features to CO-OP mobile banking product line. 
  • CO-OP reported it became one of the first to support wearable payments solutions by Garmin and Fitbit.
  • CO-OP Shared Branch emerged as the second largest network of financial services branches in the country, now totaling more than 5,700 locations.

The Annual Meeting of CO-OP Shareholders will be held during the THINK 18 Conference in Chandler, Ariz. at 12:30 p.m. local time on Wednesday, May 9. For info: www.co-opthink.org.

Section: Standard
Word Count: 552
Copyright Holder: CUToday.info
Copyright Year: 2018
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URL: http://www.cutoday.info/Fresh-Today/CO-OP-Declares-30.5-Million-Patronage-Dividend