Arlington, VA (September 07, 2022) — 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, is pleased to announce 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 Board of Directors, and creates a mutually beneficial relationship between the institution and our 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,” stated Casey Fannon, President & CEO. “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.