PSCU, the credit union service organization (CUSO) based in St. Petersburg, Fla., will pay out a patronage dividend of $29.6 million to its owner credit unions.
The organization said in a press release that its cooperative structure enables distribution of the company’s earnings to its owner credit unions as tax-free patronage dividends. The CUSO noted that it has issued a total of $465 million in patronage dividends – of which almost 50% has been distributed in cash – since becoming a cooperative in 1994.
PSCU also reported 5.5% growth in revenue for the fiscal year ending September 30, 2016, noting that it experienced “strong performance” across its entire portfolio of products and services over the past fiscal year, including:
- 7% growth in debit, credit, prepaid and online bill payment transactions
- An 11.0% increase in accounts serviced
- The prevention of nearly $150 million in fraud losses for credit unions, maintaining a very low fraud to sales loss of $.0625 per $100.
“Our owner credit unions gain value from PSCU’s deep pool of payments experience and expertise, including risk and fraud management, strategic portfolio and marketing consulting, credit union operations and call center management,” said Chuck Fagan, PSCU president and CEO.
