RANCHO CUCAMONGA, Calif. — CO-OP Financial Services said it will pay its member-shareholder credit unions a patronage dividend pool of $29.2 million for 2014, as it processed a record number of EFT and shared branching transactions.
CO-OP noted it has paid a total shareholder patronage of $314.1 million since it became a credit union-owned cooperative in 1996.
"The year 2014 was a good one both for CO-OP and the industry," Stan Hollen, president and CEO of CO-OP, said in a statement. "CO-OP achieved record transaction volumes in 2014, and the credit union movement topped 100 million members in the U.S. This mutual success contributed to our ability to provide our nearly 1,200 member-shareholder institutions with a strong patronage for the year."
Highlights for CO-OP during the past year include:
- Established a new record with more than 3 billion EFT and shared branching transactions processed — the first time CO-OP has exceeded that milestone.
- Introduced CardNav by CO-OP, a new mobile card controls and alerts application.
- CO-OP and Alkami partnered to bundle CO-OP Bill Pay with the Alkami ORB Platform, offering CU members an integrated online and mobile banking bill payment solution.
- Worked with Visa and MasterCard to make the EMV common debit solution available to clients.
- Unveiled "Empowering People. Amplifying Dreams," a multi-faceted marketing program to promote credit unions to prospective members, targeting millennial consumers. The campaign's Twitter account has more than 89,300 followers, the highest in the industry.
- The CO-OP Miracle Match program achieved a record $3.1 million in Credit Unions for Kids fundraisers. CO-OP contributed $1 million to that figure via matching funds.
CO-OP said it is the nation's largest credit union service organization in terms of number of credit unions (3,500 institutions) and members (50 million account holders) served. The company manages nationwide networks of 30,000 CO-OP ATMs and 5,000 CO-OP Shared Branches.
CO-OP's products fall into three business lines: Locations (ATM, shared branching and call center services); Card Payments (debit and credit processing) and Mobile/Virtual (mobile, online, check imaging, bill pay services).