PSCU Increases Financial Return to Owners with Capital Credit and Dividend of $25.4 Million in 2017
St. Petersburg, Fla. – (Dec. 14, 2017) – PSCU announced a patronage dividend of $25.4 million for the cooperative’s 2017 fiscal year operations. Based on the cooperative’s financial strength, the CUSO also previously distributed a payment of $5.5 million related to the prior issued capital credits.
“During 2017, PSCU made investments of nearly $25 million in innovative solutions and leading-edge technologies for credit unions to better interact with their members,” said Chuck Fagan, PSCU President and CEO. “Since our inception more than 40 years ago, our focus has been on driving the success of our Owners by providing best-in-class payments solutions and an unparalleled member experience. This will continue in 2018 and beyond.”
Highlights from the past fiscal year include:
- Enhanced call center technologies that allow optimally, member-driven call processes and upgraded software that serve as a seamless extension of Owner credit unions
- Heightened data security that minimizes risk exposure through investments in new fraud prevention tools such as Pindrop (cardholder voice authentication), Orion (linked analysis tool), expanded alerts and Ethoca’s fraud loss recovery capabilities
- Enabled digitization of payments through APIs and a mobile platform that provides frictionless, highly integrated solutions
- Enriched business intelligence and analytics capabilities that include predictive modeling for fighting fraud and identifying spend trends
- Partnered with Jack Henry, a leading provider of technology solutions and payment processing services, to drive additional scale that will enable new opportunities for PSCU Owners
The CUSO has issued $490.1 million in patronage dividends — of which nearly 50 percent has been paid in cash — since becoming a cooperative in 1994. PSCU’s cooperative structure enables distribution of the company’s earnings to its Owner credit unions as tax-free patronage dividends.
The Annual Meeting of PSCU’s Owner credit unions will be held on April 24, 2018, at the Hyatt Regency St. Louis at The Arch. This meeting will take place during PSCU’s annual Member Forum conference. This year’s event — the theme for which is Engage. Empower. Elevate. — will provide attendees with tools to enhance the member experience. Registration is now open 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 pscu.com.