Co-op Financial Services, owner of one of the nation's largest surcharge-free ATM networks for credit unions, accumulated in 2010 a dividend pool of $20.2 million for its member owners.
Rancho Cucamonga, Calif.-based Co-op Financial Services has more than 3,000 credit-union members and nearly 1,200 own shares in Co-op.
Since becoming a cooperative in 1996, Co-op Financial has paid shareholders a dividend of $212.1 million.
"In 2010, we reached a milestone by exceeding the $200 million mark in patronage to shareholders," said Stan Hollen, president and CEO of Co-op Financial Services. "The $20.2 million patronage pool represents a strong annual dividend to our shareholders, and at the same time we continue to invest in products and services that maximize benefits to both credit unions and their members."
Co-op financial Services operates Co-op Network, which offers members of participating credit unions surcharge-free ATM access to 28,000 ATMs nationwide, including 9,000 machines that accept deposits. Some of the ATMs are located in retail locations, including 7-Eleven and Costco stores.
