PSCU pays out $25.9 million dividend
The credit union service organization PSCU has issued its annual patronage dividend, with this year's return clocking in at $25.9 million.
This year's distribution includes $15.3 million returned to members in cash, including $8.9 million in capital redemption.
“The pace of innovation and emergence of new competitors in the payments industry continues to accelerate, with new opportunities for credit unions to consider daily,” Chuck Fagan, PSCU president and CEO, said in a press release. “We are proud to have delivered expanded digital capabilities, enhanced security and an unparalleled member experience to our owner credit unions and their members this year. We are committed to continuing to invest in the industry-leading technologies, solutions and services that make us a beneficial and financially empowering credit union cooperative and partner for years to come.”
In 2018 the CUSO returned $24.2 million to its members through a patronage dividend. PSCU has returned more than $540 million to members since its launch, with more than 50% of that being paid in cash.