PSCU Issues $29.6 Million Dividend for 2016
$465 million in dividends has been paid to Owner credit unions since 1994
St. Petersburg, FL (December 6, 2016) – PSCU, the nation’s leading CUSO, announced today it will issue a patronage dividend of $29.6 million to its Owner credit unions for the cooperative’s 2016 fiscal year operations. The company also reported 5.5 percent growth in revenue for the fiscal year ending September 30, 2016. PSCU provides a full suite of payment processing and card program marketing services to its 850+ owner credit unions, which account for 2.1 billion transactions annually.
The CUSO experienced strong performance across its entire portfolio of products and services over the past fiscal year:
- 7.0 percent growth in debit, credit, prepaid and online bill payment transactions
- 11.0 percent increase in accounts serviced
- Prevention of nearly $150 million in fraud losses for credit unions, maintaining an exceptional industry low fraud to sales loss of $.0625 per $100
“Our Owner credit unions gain value from PSCU’s deep pool of payments experience and expertise, including risk and fraud management, strategic portfolio and marketing consulting, credit union operations and call center management,” said Chuck Fagan, PSCU President and CEO. “Our owners should rightfully expect their CUSO partner to help lift their performance across nearly all business disciplines and operations.”
PSCU’s cooperative structure enables distribution of the company’s earnings to its Owner credit unions as tax-free patronage dividends. The CUSO has issued $465 million in patronage dividends – of which nearly 50 percent has been distributed in cash – since becoming a cooperative in 1994.
The Annual Meeting of PSCU’s Owner credit unions will be held on Thursday, April 6, 2017 from 2:45 p.m. to 3:30 p.m. ET at the JW Marriott Desert Springs Resort and Spa in Palm Desert, Calif. This meeting will take place during PSCU’s annual Member Forum conference. The theme for this year’s event, “The Story of Service,” reflects PSCU¹s commitment to delivering the most helpful experience possible during each interaction with its Owner credit unions and their members. PSCU Owner credit unions can register here.
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO). The company was recognized as CUSO of the Year in 2016 by the National Association of Credit Union Service Organizations. PSCU’s products, financial services solutions and service model collectively support over 850 Owner credit unions representing more than 20 million credit, debit, prepaid, online bill payment and mobile accounts; protect over 2 billion transactions annually from fraud; and optimize credit union performance and growth. Comprehensive 24/7/365 member support is delivered through call centers located throughout the United States. For more information, visit www.pscu.com.