Washington, DC (October 18, 2012) — Today, National Cooperative Bank, known for providing banking solutions tailored to meet the needs of cooperatives nationwide, released its annual NCB Co-op 100, listing the nation’s top 100 revenue-earning cooperative businesses. In 2011, these businesses posted revenue totaling approximately $215.6 billion, an 11% increase from 2010. The NCB Co-op 100 still remains the only annual report of its kind to track the profits and success of cooperative businesses in the United States.
“As we conclude the International Year of Cooperatives and reflect on the impact cooperatives make around the world, this report highlights the economic success this business model has on the U.S. economy and strengthening communities,” said Charles E. Snyder, President and CEO of National Cooperative Bank. “As a cooperative business ourselves, we are proud to participate in the International Year of the Cooperative. Our report is just one of the many ways we work to inform the public on the advantages of cooperatives in all fields of enterprise.”
The following are the top revenue producers in 2011 for the NCB Co-op 100’s main sectors:
- CHS Inc., based in Saint Paul, Minnesota reported $36.9 billion in revenues in 2011 and maintained its first place position on the NCB Co-op 100 list
- Dairy Farmers of America headquartered in Kansas City, Missouri reported $13 billion in revenues earning the number two ranking this year.
- Wakefern Food Corp, based in Keasbey, New Jersey reported $10.3 billion in revenue and the number fourth ranking.
- Associated Wholesale Grocers, Inc., based in Kansas City, Kansas reported revenue of $7.7 billion and remained at the sixth spot on the list.
- Hardware & Lumber:
- ACE Hardware, based in Oakbrook, Illinois earned $3.7 billion in revenue and came in at number 10 on the list.
- Do it Best, Corp., located in Fort Wayne, Indiana placed 15th this year with a reported $2.3 billion in revenues.
- Agribank, FCB, headquartered in Saint Paul, Minnesota earned $3.5 billion and came in 12th on the list.
- Navy Federal Credit Union, headquartered in Merrifield, Virginia, earned $3.2 billion in revenues and remained in the 14th position on the list.
- HealthPartners, Inc., located in South Bloomington, Minnesota moved to the eighth spot on this year’s list with $3.8 billion in revenue.
- Group Health Cooperative, headquartered in Seattle, Washington, reported $3.5 billion in revenues, earning it the 13th place ranking.
- Energy & Communications:
- National Cable Television Cooperative, Inc., from Lenexa, Kansas came in at number 17 on the list, with $2.2 billion in revenues. \
- Basin Electric Power Cooperative, located in Bismarck, North Dakota earned the 28th position with a reported $1.7 billion in revenue in 2011.
While the companies and rankings change year to year on the list, the cooperative sector continues to advance, playing an increasingly influential role in the national and global economy. Released annually in October during National Co-op Month, the NCB Co-op 100 is just one way the Bank strives to educate and promote the importance of this sector. This year the Bank is proud to be a vocal supporter of 2012 International Year of Cooperatives initiative. The global campaign led by the UN, with the official slogan “Cooperative Enterprises Build a Better World,” is focused on educating and informing the public of the contributions cooperatives make to socio-economic development. Notably it aims to draw attention to cooperatives commitment to reducing poverty, generating employment opportunities and social integration. The initiative also seeks to draw attention to the cooperative sector in order to promote the policies, laws and regulations that will further the expansion of these enterprises.
As a long-time advocate for cooperatives, NCB shares a similar goal by providing critical financing to support the growth and expansion of cooperative businesses, while also deploying hundreds of millions of dollars to support underserved communities and cooperative expansion initiatives. NCB and other cooperatives named on the NCB Co-op 100 list are already hard at work on getting the message out on the advantages of member-owned organization.
Cooperatives exist in a cross-section of sectors, including agriculture, grocery, hardware and lumber, finance, energy and communications, housing, and recreation among others. These co-ops provide over two million jobs and create more than $75 billion in annual wages with revenue of nearly $650 billion.
Although similar to other business models, a cooperative has several unique features. It is owned and controlled by its members who have joined together to use the cooperative’s goods, services and facilities. A board of directors, elected by the membership, sets the cooperative’s policies and procedures. By pooling resources, members can leverage their shared power to buy, sell, market, or bargain as one group, achieving economies of scale and sharing in any profits generated. In addition, communities benefit both socially and fiscally by the cooperatives’ ability to access and deliver goods and services from across the nation.
The entire NCB Co-op 100 report is available at www.coop100.coop. Barry Silver, NCB Executive Vice President, is available to answer questions regarding cooperatives and the NCB Co-op 100. Barry can be reached at (703) 302- 1955 or firstname.lastname@example.org
NCB 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. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop.
The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations.
NCB is a proud supporter of the 2012 International Year of Cooperatives – a United Nations declaration and global campaign to educate the public about the benefits of cooperatives. “Cooperative enterprises build a better world” is the official slogan of The International Year of Cooperatives, and NCB is doing its part to build awareness of cooperatives in all fields of business.