National Consumer Cooperative Bank, the holding company of National Cooperative Bank, N.A., (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives, their members and socially responsible organizations nationwide, earlier this month announced the issuance of a $58.5 million patronage refund to 1,685 cooperative stockholders nationwide, including $12.9 million in cash.
The patronage refund is distributed in the form of cash and additional stock, as directed by the bank’s Board of Directors, and creates a mutually beneficial relationship between the institution and its cooperative owners. Stockholders receiving patronage are those that paid interest and/or fees on a patronage basis in 2021.
“As a cooperatively owned financial institution, the benefits of ownership can be very rewarding,” said Casey Fannon, president and CEO of NCB. “We greatly value the business we have with our cooperative customers, many of which have been committed to our success for a very long time.”
NCB provides comprehensive banking products and services to cooperatives, their members, 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.