PSCU issues $36.5 million dividend for 2015
$435 million in dividends have been paid to owner credit unions since 1994
ST. PETERSBURG, FL (January 6, 2016) — PSCU, the nation’s leading CUSO, announced today it has issued a patronage dividend of $36.5 million to its Owner Credit Unions for the cooperative’s 2015 operations, a nearly 20% increase over 2014. The company also reported 10.5% growth in revenue for the fiscal year. PSCU provides a full suite of payment processing and card program marketing services to its 800 owner credit unions, which account for 2 billion transactions and over $80 billion in sales volume annually.
The CUSO reported strong performance across its entire portfolio of products and services:
- 5.2% growth in debit, credit, prepaid and online bill payment transactions
- 4% increase in accounts serviced
- 5.2% lift in transactions processed
- Prevention of nearly $175 million in fraud losses for credit unions related to transactions that were identified as fraudulent and declined immediately at the point of sale
“Not only do PSCU credit unions have access to the scale and expertise of a credit union-owned cooperative, but the benefits of ownership extend beyond those received when conducting business with traditional service providers,” said Chuck Fagan, PSCU President and CEO. “This dividend payout supplements net income for our Owners and also allows them to fund initiatives to grow membership and market share in the coming years.”
PSCU’s cooperative structure enables the company’s earnings to be distributed to its Credit Union Owners as tax-free patronage dividends. The CUSO has issued $435 million in patronage dividends – of which more than 50% 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 7, 2016 from 3:00 to 4:00 p.m. ET at The Omni Nashville; 250 5th Avenue South, Nashville, TN. PSCU Owner Credit Unions can register here.
About PSCU
PSCU/Co-op Solutions is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America. PSCU/Co-op Solutions leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers. For more information, visit pscu.com and coop.org.
