CO-OP Financial announces $26.1 million shareholder dividend
Thursday, April 20, 2017 2:50 PM
CO-OP Financial Services, which earlier this month acquired Clive-based payments processing company TMG, today announced a patronage (shareholder dividend) pool of $26.1 million for fiscal year 2016, raising to $393.7 million the total patronage amount made available by CO-OP 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," said Todd Clark, president and CEO. The company has about 3,500 credit union clients, of which about 1,200 are shareholders. Credit unions that were exclusively TMG clients before the acquisition by CO-OP — and who are now CO-OP clients — are now eligible to buy shares in CO-OP and participate in future patronage distributions, said Bill Prichard, a spokesman.