CO-OP FINANCIAL SERVICES ANNOUNCES $30.5 MILLION SHAREHOLDER PATRONAGE FOR FY 2017

by PaymentsJournal 0

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CO-OP Caps Transformative Year with Strong Dividend to 1,200 Shareholding Credit Union Owners

For Release on April 16, 2018:

RANCHO CUCAMONGA, California – CO-OP Financial Services is announcing a patronage (shareholder dividend) pool of $30.5 million for fiscal year 2017, raising to $426.8 million the total patronage amount made available by CO-OP since becoming a cooperative in 1996.

“CO-OP made a tremendous investment in technology infrastructure and product innovation in 2017, in addition to acquiring TMG,” said Todd Clark, President/CEO of CO-OP. “The result is a strategic focus on offering solutions that deliver a personalized, seamless and secure experience for members to engage with their credit union. This vision was realized through the hard work of a new, dedicated and diverse leadership team from the two legacy companies and new hires as well. Our year of transformation was also a well-balanced one, enabling us to report a strong patronage to our 1,200 shareholding credit unions.”

Recent highlights among CO-OP’s activities reflect the company’s strategic priorities of client centricity, digital enablement and access, leveraging data intelligence and continuous improvement:

  • CO-OP unveiled MyCO-OP, a new client portal that provides credit unions with secure, universal access to CO-OP applications through a single, highly intuitive user interface. The launching point for all things CO-OP, it dramatically simplifies the way clients access and use CO-OP applications.
  • CO-OP established a new annual record by processing more than 6.6 billion credit, debit, electronic funds transfer (EFT) and shared branch transactions in 2017 – doubling 2016’s figure of 3.3 billion transactions.
  • The company launched its client Co-Creation Councils, designed to give credit union leaders an active role in shaping the future of payments and provide a tangible platform for collaborating on shared business issues.
  • A new mobile locator app for the CO-OP ATM and CO-OP Shared Branch networks were launched, as well as Mobile Banking 3.0, offering advanced new features to CO-OP mobile banking product line.
  • CO-OP became one of the first to support wearable payments solutions by Garmin and Fitbit.
  • CO-OP Shared Branch emerged as the second largest network of financial services branches in the country, now totaling more than 5,700 locations.

The Annual Meeting of CO-OP Shareholders will be held during the THINK 18 Conference in Chandler, Arizona. The meeting will take place at 12:30 p.m. local time on Wednesday, May 9. To register immediately for the THINK 18 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.