The National Cooperative Bank (NCB) has issued a $44.79m patronage refund to 1,636 stockholders, including $2.45m in cash.
The refund was issued on 27 July in the form of cash and additional stock, with the distribution determined by NCB’s board of directors.
Payments were made to stockholders who paid interest and / or fees on a patronage basis during 2025. Of the total refund, $2.45m was distributed in cash.
Casey Fannon, NCB president and CEO, said the payments demonstrate the benefits of the bank’s co-operative ownership structure and its relationships with co-operative customers.
“As a co-operatively owned financial institution, sharing our success with our co-operative owners is one of the unique benefits of doing business with NCB,” it said.
Last month, the bank announced that it had provided nearly $200m to 69 New York co-operatives and condominiums during Q2 of 2026. The financing included mortgages and lines of credit for housing co-operatives undertaking capital improvements and other projects.
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Among the transactions was $12m in first-mortgage financing and a $500,000 line of credit for Fairharbor Owners, a 247-unit co-operative in Patchogue, New York. Part of the financing will support planned capital improvement projects on-site. NCB also provided $4m in first-mortgage financing and a $500,000 line of credit to 84-unit Executive House Owners in Forest Hills, while a 32-unit Manhattan co-op received a $6m first mortgage and $1m line of credit.
NCB provides banking and financial services to co-ops, their members, and other member-owned and socially responsible organisations across the US. It focuses on serving the co-operative sector and helping organisations address housing, business and community development needs through co-operative ownership.
