Source: National Cooperative Bank news release
Arlington, Va–The National Cooperative Bank, known for providing banking solutions tailored to meet the needs of cooperatives and their members nationwide, released its annual NCB Co-op 100®, listing the nation’s top 100 revenue-earning cooperative businesses. In 2018, these businesses posted revenue totaling approximately $222.2 billion. 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: By the Community, For the Community”, stated Charles E. Snyder, president and CEO of National Cooperative Bank. “Cooperatives are unique because they operate for the benefit of their member-owners and communities. Having a vested interest in the co-op fosters a natural closeness and accountability between owners/members and management. We know this is a successful and sustainable business practice, since co-ops have been doing it for 175 years.”
The following are the top revenue producers in 2018 for the NCB Co-op 100’s main sectors:
• CHS Inc., based in Inver Grove Heights, Minnesota reported $32.7 billion in revenues in 2018 and maintained its first place position on the NCB Co-op 100® list.
• Land O’Lakes, Inc., based in Saint Paul, Minnesota reported $14.9 billion in revenues, earning the number two ranking this year.
• Wakefern Food Corporation/ Shoprite, based in Keasbey, New Jersey reported $13.1 billion in revenue, earning the fourth ranking again this year.
• Associated Wholesale Grocers, Inc., based in Kansas City, Kansas reported revenue of $9.7 billion and earned the fifth position on the list.
Hardware & Lumber:
• ACE Hardware Corp., based in Oak Brook, Illinois earned $5.7 billion in revenue and came in at number nine on the list.
• Do-it-Best Corp., located in Fort Wayne, Indiana earned the 12th place on the list, with $3.7 billion reported in revenue.
• Navy Federal Credit Union, headquartered in Merrifield, Virginia, earned $6.9 billion in revenues and is number eight on the list.
• CoBank, headquartered in Greenwood Village, Colorado earned $4.3 billion and came in 10th on the list.
• HealthPartners Inc., located in Bloomington, Minnesota earned $7.0 billion in revenue and is seventh on the list.
Energy & Communications:
• Basin Electric Power Cooperative, located in Bismarck, North Dakota earned the 16th position with a reported $2.4 billion in revenue in 2018.
• Oglethorpe Power Corporation, located in Tucker, Georgia earned the 29th position with reported revenue of $1.5 billion in 2018.
While the companies and rankings change each year, 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.
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.
To view the entire NCB Co-op 100 report click here.