News

Co-Op Network reports record patronage distribution

May 21, 2006

ONTARIO, Calif. - The Co-Op Network announced a record-setting patronage distribution of $10.4 million for 2005. According to a news release, it represents the largest cash disbursement by a credit union service organization in history. The distribution to member-shareholders establishes a new Co-Op Network standard for the tenth straight year.

"An assortment of factors has contributed to the record $26 million patronage pool and another monumental shareholder payout," Co-Op Network chief executive Stan Hollen said. "Last year transaction volumes topped 1.1 billion and our surcharge- free network surpassed 25,000 ATMs across 10 countries. We now have 24 million cardholders and we're close to 2,000 member credit unions. Outside of patronage, our members have enjoyed nine price reductions during the past nine years - and we anticipate another reduction in 2006."