Customers benefit from cooperative ownership
WASHINGTON, Sept. 9, 2015 /PRNewswire/ — National Consumer Cooperative Bank, parent company of National Cooperative Bank, N.A. (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives nationwide, is pleased to announce the issuance of a $5 million patronage refund to 1,874 cooperative shareholders nationwide, including $2 million in cash.
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As a cooperative, NCB's holding company remits patronage refunds based on financial performance. The refund is distributed in the form of cash and additional stock, as directed by the Board of Directors and creates a mutually beneficial relationship between the institution and its cooperative owners. Shareholders receiving patronage are those that paid interest and fees on a patronage basis in 2014.
"As a cooperatively owned financial institution, the benefits of stock ownership can be very rewarding," stated Charles E. Snyder, president and CEO. "We offer banking products and services to meet our customer needs – many of which are also shareholders who have been committed to the bank for a very long time. If we do well, they do well."
The distribution of patronage will occur in September 2015.
NCB provides comprehensive banking products and services to cooperatives and other member owned organizations throughout the country. What makes NCB unique is that the bank and its holding company were built to address the financial needs of an underserved market niche – people who join together cooperatively to meet personal, social or business needs.
About National Cooperative Bank: National Cooperative Bank is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. NCB provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.
National Cooperative Bank
2011 Crystal Drive, Suite 800
Arlington, VA 22202
Contact:
Mary Alex Blanton, NCB (800) 955-9622