ST. PETERSBURG, Fla. – PSCU Financial Services, boosted by a 10% increase in processing revenues and double-digit gains in debit/credit and online bill payment transactions for 2009, paid its member credit unions a $17.9 million dividend yesterday.
The credit union-owned cooperative paid $5.7 million of the dividend in cash to its 640 credit union owners last week, $6.1 million to each credit union’s revolving funds accounts and another $6.1 million to each credit union’s capital reinvestment credit, which is invested back into the company.
The dividend is less than half of last year’s $45.7 million payout, even though the processing portion is much greater ($10.7 million for 2009) because of the $35 million paid to credit unions from PSCU’s sale of shares in MasterCard and Visa, according to Merry Pateuk, chief spokesperson for PSCU. “We sold what we could,” she told the Credit Union Journal, adding that PSCU still holds shares in both credit card companies. That includes about 4,000 shares of MasterCard and 761,000 shares of Visa class B, which is convertible into approximately 440,000 class A shares.
PSCU serves a total of 1,500 credit unions.
