National Cooperative Bank, known for providing banking solutions tailored to meet the needs of cooperatives nationwide, released its annual NCB Co-op 100® last week, a listing of the nation’s top 100 revenue-earning cooperative businesses.
In 2016, these businesses posted revenue totaling approximately $208 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 economic impact of cooperatives is critical to our economy”, said Charles E. Snyder, President and CEO of National Cooperative Bank. “Cooperatives can be seen in just about every industry across America, including local food, finance, housing and energy. Whether it's brining fresh local food through a food co-op or affordable homeownership through a housing cooperative, cooperatives help strengthen communities.”
This year’s theme for Co-op Month is “Cooperatives Commit.” In addition to ranking the top 100 co-ops by revenue, the report also highlights the many ways co-ops commit to their members, sustainability, education, impact, kindness and their community.
The following are the top revenue producers in 2016 for the NCB Co-op 100's main sectors:
- CHS Inc., based in Saint Paul, Minnesota, reported $30.3 billion in revenues in 2016 and maintained its first place position on the NCB Co-op 100 list.
- Dairy Farmers of America, based in Kansas City, Missouri, reported $13.5 billion in revenues, earning the number two ranking.
- Wakefern Food Corporation/Shoprite, based in Keasbey, New Jersey, reported $12.8 billion in revenue, earning the fourth ranking this year.
- Associated Wholesale Grocers Inc., based in Kansas City, Kansas, reported revenue of $9.2 billion and earned the fifth position on the list.
Hardware & Lumber
- Ace Hardware, based in Oak Brook, Illinois, earned $5.1 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 $3.0 billion reported in revenue.
- Navy Federal Credit Union, headquartered in Merrifield, Virginia, earned $5.4 billion in revenues and is number eight on the list.
- CoBank headquartered in Greenwood Village, Colorado earned $2.8 billion and came in 14th on the list.
- HealthPartners Inc., located in Bloomington, Minnesota earned $6.0 billion in revenue and is seventh on the list.
Energy & Communications
- Basin Electric Power Cooperative, located in Bismarck, North Dakota earned the 18th position with a reported $2.0 billion in revenue in 2016.
- Oglethorpe Power Corporation, located in Tucker, Georgia earned the 27th position with reported revenue of $1.5 billion in 2016.
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 longtime advocate for cooperatives, NCB’s mission is to provide 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 continually work to get the message out about the advantages of member-owned organization.
Cooperatives exist in a cross-section of sectors, among them agriculture, grocery, hardware and lumber, finance, energy and communications, housing and recreation. 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.