ONTARIO, Calif. -- CO-OP Network announced a special patronage distribution of $6 million, the second cash disbursement issued this year by the credit union EFT network to its members.
In April, CO-OP Network made its annual distribution for 2001 of $3,022,773.
The special patronage, for shareholders of record from 1996-2001, produced a record payout, with $165,000 being the largest single distribution, according to a news release.
CO-OP Network President and CEO Robert Rose, said, "For the last two years, due principally to our broadening financial strength, business investments and increased EFT transaction volumes across North America, CO-OP Network has been able to provide an additional payout to shareholders in the form of a special distribution."
Established in 1981, CO-OP Network has 1,100 credit union members, 50 million monthly transactions and 11 million cardholders.
