PSCU Announces $29.6 Million Patronage Dividend
ST. PETERSBURG, Fla.–PSCU has announced 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% growth in revenue for the fiscal year ending Sept. 30, 2016. PSCU provides payment processing and card program marketing services to more than 850 credit unions.
According to PSCU, it experienced strong performance across its entire portfolio of products and services over the past fiscal year, including:
- 7% growth in debit, credit, prepaid and online bill payment transactions.
- 11.0% increase in accounts serviced.
- The prevention of nearly $150 million in fraud losses for credit unions, maintaining what it called 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, in a statement. “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% has been distributed in cash – since becoming a cooperative in 1994.
PSCU said it will host its 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. For info, go here.