St. Petersburg, FL, Jan. 5 – Despite the recession and turmoil in the financial markets, PSCU Financial Services posted 31% growth in processing net income and 9% growth in processing revenue for 2009. The nation’s largest CUSO also reached 1.1 billion in credit and debit card transactions for the first time—up by 17% since the end of 2008. The cooperative achieved 20% growth in debit and online bill payment transactions, with credit transactions up by 6%. Contact Center call volumes were up by 6%.

To further assist its member-owners, the cooperative continued its history of redeeming revolving funds early with the issue of a $14.7 million payout in December 2009 for redemption of 1999 and 2000 revolving funds.

“We owe our success to the management team’s determination to adhere to our three-year strategic plan. That plan includes tactics to achieve growth in two ways: expansion of existing programs and the launch of new platforms like online and mobile banking,” said David J. Serlo, President, PSCU Financial Services.

During 2009 the cooperative helped member-owners grow their core debit/credit/bill payment business by providing promotional materials, consultative services, and 24/7 Contact Center support. Members also benefited from discounted pricing for use of multiple services.

“It’s been exciting to see credit unions and their members embrace our online and mobile banking platforms, which can play an important role in both enhancing member loyalty and attracting younger members,” said Serlo. “Consumers are looking for an alternative to traditional banks and banking practices, so we have a unique opportunity to take advantage of the favorable spotlight that has been focused on our industry and its member-friendly practices.”

While most of the growth has come from increased activation and utilization from existing member-owners, the cooperative also achieved net new growth from dozens of credit unions that were attracted by its marriage of fully featured products with outstanding Contact Center support.

About PSCU Financial Services

Based in St. Petersburg, Florida, PSCU Financial Services is the nation's largest credit union service organization (CUSO) and serves more than 1,300 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 600 member credit unions representing over 14 million accounts and 940,000 online bill payment subscribers. Its Contact Centers handle more than 17.4 million inquiries a year.

PSCU Financial Services offers 24/7 member support through four Contact Centers: its Eastern operations center in St. Petersburg, Fla.; a Western operations center based in
Phoenix, Ariz.; and two call centers in Detroit, Mich. These Contact Centers perform member servicing and new member acquisition, cross-selling and automated lending solutions as well as support for debit/credit/prepaid cardholders and online bill payment subscribers.

Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As a leader in the credit union movement, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit PSCU Financial Services’ website at www.pscufs.com.