ST. PETERSBURG, Fla. – PSCU said it has issued a patronage dividend of $36.5 million to its owner-member credit unions for the cooperative’s 2015 operations, a nearly 20% increase over 2014. The dividend comes as the company is also reporting 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 member-owner credit unions, which account for two-billion transactions and more than $80 billion in sales volume annually.
For 2015, PSCU is reporting it experienced:
- 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, in a released statement. “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 said it has issued $435 million in patronage dividends – of which more than 50% has been distributed in cash – since becoming a cooperative in 1994.