PSCU Financial Pays $11M Patronage Dividend

PSCU Financial Services is paying an $11.7-million patronage dividend to its more than 500 member credit unions nationwide. It is the ninth consecutive year the company has done so, during which it has paid out more than $86 million. "Despite the soft economy in early 2003, we were able to add 1.2 million new accounts, increase productivity and maintain the same net income and dividends as in 2002," said PSCU Financial Services CEO David J. Serlo. "We accomplished these significant achievements while returning all interchange income for the first time in our company's history. At the same time, we implemented a new pricing methodology that gives credit unions the option to pay for services they use and lowered transaction pricing to our member-owners by more than $18 million." For info: www.pscufs.com.