National Cooperative Bank Announces Top 100 Cooperatives: Reporting Revenues of Over $117 Billion in 2003

Business Wire, Oct 4, 2004

WASHINGTON, DC -- Today, National Cooperative Bank (NCB) released its annual list of the nation's 100 highest revenue-earning cooperative businesses, totaling approximately $117.4 billion in 2003. The NCB Co-op 100 is the only annual report of its kind and an important indicator of cooperative business activity across the country. Charles E. Snyder, President and Chief Executive Officer of NCB, made the announcement.

The list illustrates the vital role cooperatives play in the economy. Reflecting the industry's ongoing success, the cooperative ranked at 100 last year, has strengthened its position on the list and is now ranked at 84 in 2003 with reported revenues of $426 million -- an $80 million increase from last year.

"As the nation continues to struggle and face challenges during this difficult economic period, cooperatives continue to enrich and empower Americans everyday, providing strong returns to its members," said Mr. Snyder. "Americans are demanding dependable businesses in which they maintain a personal stake and an active role in the decision making process. Cooperatives continuously offer this reliability to its customers and members, in addition to providing hundreds of thousands of jobs across the nation."

The continued strong performance of cooperatives is especially notable with these companies impressively rebounding from the recession and the difficult economic situations created by times of global conflict. Unlike investor-owned firms, cooperatives are controlled by their members, the individuals who use and benefit from the goods and services provided. Cooperatives are organized to maximize economic returns for members, not top-ranking executives or distant investors.

Although similar to other business models, a cooperative has several unique features. It is owned and controlled by its members who have joined together to use the cooperative's goods, services and facilities. A board of directors, elected by the membership, sets both policies and procedures. By pooling resources, members can increase power to buy, sell, market, or bargain as one group, achieving economics of scale and sharing in any profits generated. In addition, communities benefit both socially and fiscally by the cooperatives' ability to access and deliver goods and services from across the nation.

According to the National Cooperative Business Association, there are 48,000 cooperatives in the United States. These entities exist in a number of industries including agriculture, grocery, hardware and lumber, finance, energy and housing. Many cooperatives on the NCB Co-op 100 list are such well-known household names as Ocean Spray, ShopRite and The Associated Press.

The entire NCB Co-op 100 report, as well as additional information on cooperatives, is available at www.co-op100.coop. Barry Silver, NCB Managing Director, is available to answer questions regarding cooperatives and the NCB Co-op 100.