National Cooperative Bank Acknowledges the 'Cooperative Spirit' of Our Nation's Businesses; Cooperatives Are Stable Business Model; Form `Fourth Sector' of the Economy

Business Wire, Nov 2, 2001

Business Editors

WASHINGTON--(BUSINESS WIRE)--Nov. 2, 2001

National Cooperative Bank (NCB) released today its annual list of the nation's 100 highest revenue-earning cooperatives, the NCB Co-op 100(R), available in its entirety at www.co-op100.com.

Cooperatives--democratically controlled enterprises, created and used by their member-owners--are guided by values of democracy, equality, equity, solidarity, social responsibility and caring for others.

"This cooperative spirit has never been more pertinent," said Charles E. Snyder, NCB's President and Chief Executive Officer. "As a nation, Americans have reawakened to the need to come together for the greater good of the community and are rediscovering the power of collective action."

While many business sectors have been hit hard and may continue to struggle, the cooperative sector has proven its stability through many difficult times. Cooperatives provide a stable business model, driven by efficient performance, innovation and commitment to their members and communities. They bolster the U.S. economy, providing monetary and social benefits to millions of Americans.

The NCB Co-op 100(R) is a listing of the top U.S. cooperatives that generated at least $287 million in revenues during fiscal year 2000. America's top 100 cooperatives generated a total of more than $130 billion in 2000; a five percent increase from 1999. Agriculture cooperatives topped the list with 41 co-ops generating over $66 million.

Agriculture was followed by grocery, with 19 co-ops generating $28.5 million, and hardware, with seven cooperatives generating $13 million. Financial and other industry cooperatives also made the list.

"When I look at the revenue numbers reflected in this year's NCB Co-op 100(R) list, I can't help but be impressed at the growth of U.S. cooperatives. From their beginnings more than 100 years ago, America's cooperatives have not only survived but flourished. They have prevailed through adversity and economic downturns, and have succeeded in bringing economic stability and prosperity to millions of people," said Snyder.

Cooperatives play a vital role in our nation's economy. There are more than 47,000 cooperatives in the United States and 900,000 cooperatives worldwide. Co-ops exist in a number of industries - agriculture, grocery, hardware and lumber, financial institutions, energy, housing, and others. Some are Fortune 500 companies while others serve only a handful of members.

Many cooperatives on the NCB Co-op 100(R) are household names like Land O'Lakes, Inc., Sunkist, and Ace Hardware.

"For years the business world has counted three major economic sectors: for-profit, government, and non-profits. But there's another sector that should be included - cooperatives," Snyder said. "Cooperatives contribute substantially to the nation's economy as evidenced by those on the Co-op 100(R)."

A cooperative is similar to other business models, but has several unique features. A cooperative is owned and controlled by members who have joined together to use the co-op's goods, services, and facilities, and who work together to solve a variety of needs. A board of directors, elected by the membership, sets the co-op's policies and procedures.

By pooling their resources through cooperative ownership, members can increase their power to buy, sell, market, or bargain as one group. They can share in economies of scale and share in any profits the co-op may generate. In addition, the financial and social benefits co-ops deliver reach beyond their members, enriching communities nationwide.

NCB produces the NCB Co-op 100(R) annually. The only publication of its kind, it is an important indicator of cooperative business activity across the country. The entire NCB Co-op 100(R) report, as well as additional information on cooperatives, is available at www.co-op100.com.

NCB is dedicated to helping cooperative endeavors throughout the United States adapt, grow and compete in an ever-changing environment. Small or large, urban or rural, NCB helps guide the business development of cooperates by crafting solutions that meet their needs and the needs of their members.

Terry Lewis, Vice President, Cooperative Development, is available to answer questions regarding cooperatives and the NCB Co-op 100(R). Please contact Jason Dring at 202-518-8047 or jason@publicinterestpr.com for more information.

National Cooperative Bank provides financial products and services to cooperatives, their members, and other member-run organizations in the United States. Primary lines of business include commercial, real estate, small business and non-profit lending, financial advisory services as well as capital markets capabilities and depository services.

NCB is proud to be a .coop founder, a domain created solely for cooperatives and cooperative service organizations to help raise awareness of the cooperative sector.

Headquartered in Washington, DC, the NCB family of companies operate regionally in Anchorage, AK; Hartford, CT; New York, NY; Hillsboro, OH; and Oakland, CA. Visit NCB's web site at www.ncb.com for more information.