News

CO-OP Network members see gain from improved financials

December 5, 2001

ONTARIO, Calif. -- The CO-OP Network says it will issue a special patronage distribution of $1.1 million to its 780 members, the second patronage distribution issued this year.

In May, CO-OP Network announced an annual distribution of $2.1 million, which was nearly a 300 percent annual increase over the same period last year.

CO-OP Network President and CEO Robert Rose said the network's financial position had realized a significant financial gain from the sale of a portion of Concord EFS stock. Also, he added, the network's ATM transaction volumes rose to 358 million in 2000, a 41.6 percent increase over 1999, and a merger with the Midwest ATM Company further fueled growth.

"Our members - our shareholders - all profit as CO-OP Network broadens its national scope," said Rose. "Increased transactions from coast to coast translate into increased revenues for CO-OP Network and improved products and services. All of this results in larger returns for all of our shareholders through patronage."

Established in 1981 and located in Ontario, Calif., the network has 780 credit union members with more than 12,000 ATMs located in 49 states. It is wholly-owned by its credit union shareholders and provides volume discounts on products and services.

The network in July announced a branding agreement with Access Cash International under which its members gain surcharge-free access to more than 6,500 of Access Cash's ATMs in retail locations.