ST. PETERSBURG, Fla. – PSCU Financial Services yesterday announced it is paying its member credit unions $24.1 million in dividends, boosted by last year’s MasterCard initial public offering.
This year’s payout is down slightly from last year’s $25.8 million dividend.
The payout for 2007 includes $5.1 million in special MasterCard dividends that were issued to credit unions that process MasterCard transactions through PSCU. These dividends are the result of stock redemptions by MasterCard as part of their new governance and ownership structure.
David Serlo, president of PSCU, said the cash portion of this year’s dividend is larger than last year’s because of the MasterCard payout. PSCU will pay $12.05 million, or 50% of the 2007 dividend in cash, compared to $9.8 million paid last year in cash. The remaining amount will be paid out at a later date.
For the year, PSCU reported revenue of $565 million, up 11% over 2006, due to a 17% increase in transaction volume.
