FOR IMMEDIATE RELEASE
Contact: Bill Prichard
Manager, P.R. & Corp. Comm.
CO-OP Financial Services
800.782.9042, ext. 3450
CO-OP ANNOUNCES PATRONAGE OF $15.9 MILLION FOR FISCAL YEAR 2011
Additional $14.1 Million Paid to FSCC, Inc., Shareholders
RANCHO CUCAMONGA, Calif. (April 2, 2012) – CO-OP Financial Services is announcing a patronage distribution to shareholders of $15.9 million for fiscal year 2011, bringing CO-OP’s total patronage amount to $229.2 million since becoming a credit union cooperative in 1996.
“CO-OP Financial Services had a remarkable 2011 for our clients and shareholders,” said Stan Hollen, President/CEO of CO-OP. “We achieved a number of key company milestones that benefit the credit union movement. At the same time, we maintained another outstanding patronage year, allowing us to provide a cash dividend to shareholders and continue to invest in products and services that will benefit all clients and their members.”
Key events for CO-OP in 2011 include:
• Merger with FSCC, Inc., to unify credit union shared branching services. The combined operation enables greater efficiencies in branding, technology and administrative costs.
• CO-OP Financial Services and The Members Group (TMG) of Des Moines, Iowa, formed a strategic partnership to cross-sell selected products and services.
• Acquisition of online and mobile bill pay services of Corporate Network eCom, LLC, based in the Kansas City area (completed at the end of January 2012).
• Launch of a general media campaign urging consumers to switch from banks to credit unions. The humorous ads use the tag line “Banks Don’t Like You. Credit Unions Do.”
• Donation of $1 million to support credit union fundraising efforts for Children’s Miracle Network Hospitals through its CO-OP Miracle Match program.
• A record-high client satisfaction rating set in the first half of 2011, then surpassed in the second half.
FSCC, Inc., Distribution
The completion of the shared branching merger enabled FSCC, Inc., to pay $14.1 million to its shareholders, a figure that includes all revolving fund balances, 2011 patronage and common stock (based on FSCC book value). The company is now known as FSCC, LLC, and is part of CO-OP Shared Branching, one of five CO-OP business lines.
CO-OP Financial Services is the nation’s largest credit union service organization, specializing in providing products that help credit unions compete successfully against banks by maximizing their own operational efficiency as well as easy access for members. The company services more than 3,000 participating credit unions, nearly 1,200 of which are member-shareholder institutions.
For more information, visit www.co-opfs.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif. and founded in 1981, CO-OP Financial Services is the industry leader in access and convenience products for credit unions. CO-OP connects credit union members to their accounts through network, payment processing, e-commerce, shared branching and call center services. With more than 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,500 shared branch locations and more than two billion annual transactions, CO-OP Financial Services offers the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org.
Mon, April 2, 2012
by Micah J. Parker