Annual Report Highlights Success of Cooperative Business Sector Nationwide
WASHINGTON, Oct. 23, 2014 /PRNewswire/ — Today, National Cooperative Bank, known for providing banking solutions tailored to meet the needs of cooperatives nationwide, released its annual NCB Co-op 100, listing the nation's top 100 revenue-earning cooperative businesses. In 2013, these businesses posted revenue totaling approximately $234.5 billion, a 3.6% increase from 2012. The NCB Co-op 100 remains the only annual report of its kind to track the profits and successes of cooperative businesses in the United States.
"The theme for co-op month this year is 'Co-ops Connecting'. NCB's report, along with our role in educating the public about the impact of cooperatives, are two ways the Bank can connect with the community and showcase the economic contribution of this business model," said Charles E. Snyder, President and CEO of National Cooperative Bank. "We hope more co-ops celebrate their successes and connect in the community to share their stories."
The following are the top revenue producers in 2013 for the NCB Co-op 100's main sectors:
- Agriculture:
- CHS Inc., based in Saint Paul, Minnesota reported $44.5 billion in revenues in 2013 and maintained its first place position on the NCB Co-op 100 list.
- Land O' Lakes, also based in Saint Paul, Minnesota, reported $14.2 billion in revenues, earning the number two ranking again this year.
- Grocery:
- Wakefern Food Corp., based in Keasbey, New Jersey reported $11.5 billion in revenue and earned the number four ranking.
- Associated Wholesale Grocers, Inc., based in Kansas City, Kansas reported revenue of $8.4 billion and remained in the sixth spot on the list.
- Hardware & Lumber:
- ACE Hardware, based in Oakbrook, Illinois earned $3.9 billion in revenue and came in at number nine on the list.
- Do it Best Corp., located in Fort Wayne, Indiana placed 14th this year, with a reported $2.7 billion in revenues.
- Finance:
- Navy Federal Credit Union, headquartered in Merrifield, Virginia, earned $3.7 billion in revenues and landed in the 11th spot for 2013.
- CoBank headquartered in Greenwood Village, Colorado earned $2.1 billion and came in 19th on the list.
- Healthcare:
- HealthPartners, Inc., located in South Bloomington, Minnesota moved to the eighth spot on this year's list with $5.2 billion in revenue.
- Group Health Cooperative, headquartered in Seattle, Washington, reported $3.7 billion in revenues and remained 13th on the list.
- Energy & Communications:
- National Cable Television Cooperative, Inc. from Lenexa, Kansas came in at number 17 on the list, with $2.5 billion in revenues.
- Basin Electric Power Cooperative, located in Bismarck, North Dakota earned the 21st position with a reported $2.0 billion in revenue in 2013.
While the companies and rankings change year to year on the list, the cooperative sector continues to advance, playing an increasingly influential role in the national and global economy. Released annually in October during National Co-op Month, the NCB Co-op 100 is just one way the Bank strives to educate and promote the importance of this sector.
As a long-time advocate for cooperatives, NCB's mission is providing critical financing to support the growth and expansion of cooperative businesses, while also deploying hundreds of millions of dollars to support underserved communities and cooperative expansion initiatives. NCB and other cooperatives named on the NCB Co-op 100 list are continually hard at work on getting the message out on the advantages of member-owned organization.
Cooperatives exist in a cross-section of sectors, including agriculture, grocery, hardware and lumber, finance, energy and communications, housing, and recreation among others. These co-ops provide over two million jobs and create more than $75 billion in annual wages with revenue of nearly $650 billion.
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 the cooperative's policies and procedures. By pooling resources, members can leverage their shared power to buy, sell, market, or bargain as one group, achieving economies 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.
The entire NCB Co-op 100 report is available at www.coop100.coop or at www.ncb.coop. Barry Silver, NCB Executive Vice President, is available to answer questions regarding cooperatives and the NCB Co-op 100. Barry can be reached at (703) 302-1955 or bsilver@ncb.coop.
About NCB:
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.
The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations.
Contact: Heather Cummings, (937) 393-6429