ARLINGTON, Va. – National Consumer Cooperative Bank, the holding company of National Cooperative Bank, (NCB), has 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 and “creates a mutually beneficial relationship between the institution and our cooperative owners,” the NCB said in a statement.
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 said it provides comprehensive banking products and services to cooperatives, their members, and other member-owned organizations throughout the country.
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