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
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.
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.