ST. PETERSBURG, Fla. — PSCU, a CUSO that provides payment processing and card program marketing services to its 800 owner credit unions, announced on Wednesday that it issued a patronage dividend of $36.5 million for its 2015 operations.
The dollar amount of the patronage dividend represented a nearly 20% increase over 2014, PSCU said. Since 1994, the CUSO has paid $435 million in dividends to its owner credit unions.
The company reported 10.5% growth in revenue for the fiscal year, with "strong performance" across its entire portfolio of products and services. Highlights included:
- 5.2% growth in debit, credit, prepaid and online bill payment transactions
- 4% increase in accounts serviced
- 5.2% lift in transactions processed
- Prevention of nearly $175 million in fraud losses for credit unions related to transactions that were identified as fraudulent and declined immediately at the point of sale.
"This dividend payout supplements net income for our owners and also allows them to fund initiatives to grow membership and market share in the coming years," Chuck Fagan, PSCU's president and CEO, said in a statement.
PSCU said its cooperative structure enables the company's earnings to be distributed to its credit union owners as tax-free patronage dividends.
PSCU's 800 member credit unions represent more than 18.2 million credit, debit, prepaid, online bill payment and mobile accounts, which generate 2 billion transactions and more than $80 billion in sales volume annually. The CUSO has contact centers located throughout the United States.
