CO-OP Financial Services announces $17.3 million shareholder patronage for FY 2018
Healthy dividend follows year of investment in technology, enterprise transformation
RANCHO CUCAMONGA, CA (April 17, 2019) — CO-OP Financial Services is announcing a patronage (shareholder dividend) pool of $17.3 million for fiscal year 2018, raising to $444.2 million the total patronage amount made available by CO-OP since becoming a cooperative in 1996.
“CO-OP continued to make significant reinvestments in our credit union cooperative, owned by about 1,000 shareholding institutions, to ensure the industry has the solutions and services it needs to compete in a transforming marketplace,” said Todd Clark, President/CEO of CO-OP. “At the same time, we are providing a healthy patronage to our shareholders, balancing both short-term and long-term goals for all partners.”
Recent highlights among CO-OP’s activities reflect the company’s strategic priorities of product and technology development for clients and their members, and enterprise transformation:
- CO-OP established a new annual record by processing more than 7.1 billion credit, debit, electronic funds transfer (EFT) and shared branch transactions in 2018.
- COOPER Fraud Analyzer is now live on CO-OP Shared Branch services, with all network transactions flowing through the interface of this account-based risk management solution.
- CO-OP added cardless ATM transactions to its roster of digital banking and payment solutions.
- Introduction of MyCO-OP, a single sign-on client portal for all CO-OP products and services.
- The company is enhancing its 24/7 member contact center services for loan applications, card issues, banking questions and more.
- Rolled out enhancements to CO-OP’s proprietary card servicing application, Springboard, enabling credit union staff access to member card data in real time.
The Annual Meeting of CO-OP Shareholders will be held during the THINK 19 Conference in Miami Beach, Florida. The meeting will take place at 12 p.m. local time on Wednesday, May 8. To register immediately for the THINK 19 Conference, visit www.co-opthink.org.
For more information, visit www.co-opfs.org.
About CO-OP Financial Services
CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.co-opfs.org.