RANCHO CUCAMONGA, Calif. – CO-OP Financial Services announced it will pay a patronage dividend to its shareholders of $17.3 million for fiscal year 2018. The payout brings to $444.2 million the total patronage amount paid by CO-OP since becoming a cooperative in 1996.
“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/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.”
According to CO-OP, its recent activities reflect its “strategic priorities of product and technology development for clients and their members, and enterprise transformation,” including:
- CO-OP established a new annual record by processing more than 7.1 billion credit, debit, electronic funds transfer (EFT) and shared branch transactions in 2018.
- COOPER Fraud Analyzer is now live on CO-OP Shared Branch services, with all network transactions flowing through the interface of this account-based risk management solution.
- CO-OP added cardless ATM transactions to its roster of digital banking and payment solutions.
- Introduction of MyCO-OP, a single sign-on client portal for all CO-OP products and services.
- The company is enhancing its 24/7 member contact center services for loan applications, card issues, banking questions and more.
- Rolled out enhancements to CO-OP’s proprietary card servicing application, Springboard, enabling credit union staff access to member card data in real time.
CO-OP said the annual meeting of its shareholders will be held during the company’s THINK 19 Conference in Miami Beach, Fla. at 12 ET May 8. For info: www.co-opthink.org.