CO-OP Financial Services is doling out a $26.1 million patronage for fiscal year 2016, bringing the Rancho Cucamonga, California-based CUSO's lifetime payouts to $393.7 million since becoming a cooperative in 1996.
"This latest year's healthy patronage to our 1,200 shareholding credit unions represents a balance with the more than $25 million we are investing in the company in 2017 on technology infrastructure and product innovation," CO-OP Financial Services President and CEO Todd Clark said. "We are particularly pleased to return such a large patronage to shareholders on the heels of our acquisition earlier this month of TMG, making us a fully-integrated, comprehensive payments services company to shareholders, clients and the entire credit union movement."
Clark is nearing the one-year mark in his role as CO-OP's CEO, and the announcement back in May 2016 that he would move into the post from his former home at First Data is just one of several big moves CO-OP has made recently.
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