When a cooperative bank is successful, its members share in that success. For members of the National Consumer Cooperative Bank—the parent company of NCBA CLUSA member National Cooperative Bank (NCB)—that meant a recent $9 million patronage refund. The press release follows:
National Consumer Cooperative Bank, parent company of National Cooperative Bank (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,” said Charles E. Snyder, president and CEO. “We greatly value the business we have with our cooperative customers, many of whom 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.