ONTARIO, Calif. - The CO-OP Network's board of directors announced a record-setting patronage distribution of $10.3 million for 2004, the largest cash disbursement by a credit union service organization in history, according to a news release. The distribution to member-shareholders, which establishes a new CO-OP Network standard for the ninth straight year, beats the previous record- $7.5 million in 2003 - by 37.3 percent.
"A variety of factors have contributed to our ability to provide another record return to our shareholders," said CO-OP Network chief executive Robert Rose. "Last year produced record-setting transaction volumes that topped 1 billion. We're nearing 20,000 ATMs in our surcharge-free network across North America; we now have 21 million cardholders, and we added nearly 400 new credit unions to the network."
"Ninety-three percent of our volume comes from our shareholders, which makes it especially gratifying to deliver increased patronage," Rose added. "In addition to patronage, we have also delivered value to our members through eight price reductions during the past eight years -and we anticipate another reduction in 2005."
All CO-OP Network member-shareholders receive a portion of the patronage distribution. The payout represents slightly more than 1 percent per ATM and POS transaction.
