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Service Centers Awards Dividend

SOUTHFIELD, Mich. - Service Centers Corporation, the Michigan-based subsidiary of CO-OP Network that provides shared banking facilities to 300 member credit unions, announced its first patronage dividend in its history. The 300 member credit unions that are part of its shared branching network will receive part of a nearly $300,000...

By Staff Writer | Updated on March 25, 2003

SOUTHFIELD, Mich. – Service Centers Corporation, the Michigan-based subsidiary of CO-OP Network that provides shared banking facilities to 300 member credit unions, announced its first patronage dividend in its history. The 300 member credit unions that are part of its shared branching network will receive part of a nearly $300,000 dividend, based on their transaction volume between January 1 and May 31, 2002, the SCC said. Ken Sucher, Chief Information Officer for the network, said this was the first distribution because the Internal Revenue Service had only recognized the firm as a co-op at the end of 2001. “We were recognized as a non-profit, but not as a co-op,” Sucher said. The firm also said a much larger distribution for the final seven months of 2002, representing the period following the closing of SCC’s business combination with CO-OP Network, is anticipated in the next few months.

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