In these extraordinary times, COCC is proud to announce we are sending service fee rebate checks totaling approximately $1.9 million to all of our clients to show our appreciation for their dedication and service to their communities. COCC’s Board of Directors approved this rebate at its monthly Board meeting in April 2020. This rebate, which will be distributed among COCC’s core clients, represents approximately 20% of COCC’s fiscal year-end earnings in 2020.
This rebate comes in the midst of the COVID-19 crisis, which has tested our community banks and credit unions as they continue to innovate and serve their customers and members. For COCC Chief Executive Officer Richard A. Leone, these efforts underscore the strength and importance of community financial institutions.
“The leadership of our clients throughout the pandemic has been impressive and exceptional,” Mr. Leone stated. “Our clients’ commitment to innovative products and service within their communities is crucial to their customers and members as well as their local economies.”
Throughout our 53-year history, COCC’s cooperative structure has thrived with the success of both our company and our clients. Having experienced consistent financial success year after year, COCC shares our success with our clients, especially in this time of need within the communities of our clients. During this time, COCC has maintained its focus on customer service and product innovation, delivering new products and services to help our clients navigate through the pandemic all while having 95% of COCC employees working remote.