A positive 2014 led to a hefty patronage (shareholder dividend) for CO-OP Financial Services' 1,200 or so member institutions, the cooperative announced.
The 2014 patronage of $29.2 million brings its total shareholder patronage to $314.1 million since it became a credit union-owned cooperative in 1996, it said.
"The year 2014 was a good one both for CO-OP and the industry," CO-OP President and CEO Stan Hollen noted. "CO-OP achieved record transaction volumes in 2014, and the credit union movement topped 100 million members in the U.S."
Record-high numbers of EFT and shared branch transactions – more than three billion – contributed to 2014's success, the CUSO said, as did the introduction of a new mobile card controls and alerts application. The CUSO also bundled its CO-OP Bill Pay product with the Alkami ORB platform to offer what it said is a fully integrated online and mobile banking bill payment solution. Marketing programs aimed at millennials and charity activities also contributed to the year's success, CO-OP said.
This year's patronage was less than the $30.5 million announced for 2013, which was 17% higher than 2012's patronage of $26.1 million, according to CO-OP.
CO-OP is one of the country's largest CUSOs, with 3,500 institutions and 50 million account holders.
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