Washington, DC (October 20, 2010) — Today, NCB, known for providing creative financial 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, which posted revenues totaling approximately $175.6 billion in 2009. The NCB Co-op 100 debuted in 1991 and is the only annual report of its kind to track the profits and success of these vital businesses throughout the United States.
When the first report was released nearly two decades ago America’s top 100 cooperatives had recorded $81.4 billion in revenues, and today, even in the light of lackluster economic conditions generated over $175 billion.
While the companies and rankings change year to year, the cooperative sector continues to advance, playing an increasingly influential role in the nation’s economy.
“The dollar amount, even though slightly lower than last year highlights the benefits of a cooperatives’ adaptable structure, ultimately enabling these organizations to prosper and serve their members even in the most difficult of climates”, said Charles E. Snyder, President and CEO of NCB. “As a Bank created and focused on providing financing to the cooperative community, we’re proud to have been instrumental in the expansion of these businesses over the past 30 years. We remain committed to our role as a strong, reliable resource to meet the needs of these dynamic organizations.”
Below are the top revenue producers in each of the main sectors tracked by the NCB Co-op 100:
- CHS Inc., based in Saint Paul, Minnesota reported $25.7 billion in revenues in 2009 and maintained its first place position on the NCB Co-op 100 list.
- Land O’Lakes, Inc., headquartered in Saint Paul, Minnesota reported $10.4 billion in revenues earning the number two ranking.
- Wakefern, headquartered in Elizabeth, New Jersey reported $9.3 billion in revenue increasing to the third spot on the list.
- Associated Wholesale Grocers based in Kansas City, Kansas reported $7 billion in revenue during 2009 for the fifth position.
- Hardware & Lumber:
- ACE Hardware, based in Oakbrook, Illinois earned $3.5 billion in revenue and coming in at number 9 on the list.
- Do it Best, Corp., located in Fort Wayne, Indiana placed 17th this year with a reported $2.4 billion in revenues.
- Agribank, FSB, headquartered in Saint Paul, Minnesota earned $3.8 billion and is 8th on the list.
- Navy Federal Credit Union, headquartered in Merrifield, Virginia, earned $2.9 billion in revenues and was in the 13th position on the list.
- HealthPartners, Inc., located in South Bloomington, came in at 10th on this year’s list with $3.3 billion revenue.
- Group Health Cooperative, headquartered in Seattle, Washington, reported $3.0 billion in revenues, earning it the 12th place ranking.
- Energy & Communications:
- National Cable Television Cooperative, Inc., from Lenexa, Kansas came in at number 18 on the list, with $1.9 billion in revenues.
- Basin Electric Power Cooperative, located in Bismarck, North Dakota earned the 27th position up from 32nd in 2008 with a reported $1.4 billion in revenue in 2008.
In addition to generating over $500 billion in revenue, cooperatives directly employ nearly 500,000 people across the country, and when including indirect and induced effects, support more than two million jobs nationwide. As many sectors absorb the slowing activity of the current economic conditions, cooperatives and its members often fare better in challenging times than investor-owned firms, due to its adaptable structure and governing body. Since cooperatives are controlled by their members, the individuals who use and benefit from the goods and services provided, the cooperative can more readily readjust to market conditions than many of its investor-backed counterparts. As a result, cooperatives are organized to maximize returns and are prepared to weather a down turn, like today’s current marketplace.
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.
Cooperative entities exist in a cross-section of sectors, including agriculture, grocery, hardware and lumber, finance, energy and communications, housing, recreation and others. Many cooperatives on the NCB Co-op 100 list are household names such as Land O’Lakes, Inc., Ocean Spray and Ace Hardware Corp. Today, there are more than 30,000 cooperatives in the United States that account for more than 73,000 places of businesses.
The entire NCB Co-op 100 report is available under the publications section at www.ncb.coop. Barry Silver, NCB Managing Director, is available to answer questions regarding cooperatives and the NCB Co-op 100. Barry can be reached at (703) 302- 1955 or email@example.com. For more information on cooperatives visit www.go.coop.
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, NCB Financial Group on Facebook, or on Twitter at coopbanking.
NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a federally chartered cooperative corporation; its wholly-owned subsidiary NCB, FSB, a federally chartered savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit affiliate. Loans and other financial services are provided by NCB, FSB and NCB Capital Impact. Deposit products and services are provided by NCB, FSB, which is a member FDIC. Each is a separate corporation within the NCB Financial Group.