Customers benefit from cooperative ownership
Arlington, VA – (July 20, 2020) – National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives, their members and socially responsible organizations nationwide, is pleased to announce the issuance of an $23.8 million patronage refund to 1,656 cooperative shareholders nationwide, including $7.1 million in cash.
As a cooperative, NCB remitted a patronage refund on June 30, 2020. 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 our cooperative owners. Shareholders receiving patronage are those that paid interest and/or fees on a patronage basis in 2019.
“As a cooperatively owned financial institution, the benefits of ownership can be very rewarding,” stated Charles E. Snyder, 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."
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.