PSCU dished out a patronage dividend totaling $24.2 million for 2018.
Of that payout, roughly $6.1 million was made available as an immediate cash distribution. The St. Petersburg, Fla.-based credit union service organization also gave out an additional $8.5 million in previously issued equities, bringing the aggregate cash payout to $14.6 million.
“Over the past year, we continued to make strategic investments in proprietary and advanced tools to enhance offerings to our owners to position them for success in an ever-evolving payments landscape,” Chuck Fagan, PSCU president and CEO, said in a statement.
Since 1994, PSCU has distributed $514.3 million in patronage dividends, where roughly 50 percent of that has been in cash.
During 2018, the CUSO launched the digital banking platform Lumin Digital. The company also said it deployed a new fraud solutions service and stopped over $210 million worth of fraudulent activity.
These efforts were coupled with the CUSO’s delivery of DX Mobile, an administrative portal allowing owners more autonomy over card capabilities through a mobile channel.
The CUSO’s annual meeting will happen on April 2 during Member Forum 2019 in Austin.
