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National Consumer Cooperative Bank Issues $9 Million in Patronage Refund

Customers benefit from cooperative ownership  

Washington, D.C. – (September 19, 2016) – 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 $9 million patronage refund  to 1,834 cooperative shareholders nationwide, including $3.6 million in cash. 

As a cooperative, NCB’s holding company remitted a patronage refund on September 12, 2016.  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 /or fees on a patronage basis in 2015.      

“As a cooperatively owned financial institution, the benefits of ownership can be very rewarding,” stated Charles E. Snyder, president and CEO.  “We greatly value the business we have with our cooperative customers, many of which have been shareholders and committed to NCB’s success for a very long time. Our success is their success.” 

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.

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 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 @natlcoopbank.