ARLINGTON, Va.– The National Consumer Cooperative Bank (NCB), the holding company of National Cooperative Bank, with which numerous credit unions have relationships, has issued a $41 million patronage refund to 1,657 cooperative stockholders nationwide, including $12.3 million in cash.
The refund has been distributed in the form of cash and additional stock and “creates a mutually beneficial relationship between the institution and our cooperative owners,” the NCB said.
Stockholders receiving patronage are those that paid interest and /or fees on a patronage basis in 2020.
“As a cooperatively owned financial institution, the benefits of ownership can be very rewarding,” stated CEO Charles E. Snyder. “We greatly value the business we have with our cooperative customers, many of which have been committed to NCB’s success for a very long time.”
The NCB noted it 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,” the organization added.