PSCU Financial Services Issues Dividend of $24.1 MillionMember-Owners Benefit from Record $12 Million Cash DistributionSt. Petersburg, FL, April 14, 2008 – PSCU Financial Services showcased its continued success in serving the credit union community by issuing a $24.1 million dividend to its member-owners for 2007 operations. This is the fourth year the cooperative’s dividend has exceeded $20 million. In addition to the dividend, financial savings were passed along to members throughout the year in the form of lower costs, amounting to more than $19.6 million in 2007. The 2007 dividend included $5.1 million in special MasterCard dividends that were issued to credit unions that process MasterCard transactions through the cooperative. These dividends are the result of stock redemptions by MasterCard as part of their new governance and ownership structure. The nation’s largest credit union service organization (CUSO) also reported 2007 revenue of $565 million—a dramatic 11 percent gain over 2006. This increased revenue was due in part to a 17% increase in transactions resulting from the broadening of its product portfolio, an expanding member base and local growth by member credit unions. "Our impressive dividend and revenue numbers demonstrate our continued growth through expanded use of our products and services and the financial savings generated by our strategic partnerships and alliances. Our total cash distributions in 2007 actually exceed last year’s due to our commitment to return the MasterCard IPO proceeds to our member-owners,” said David J. Serlo, President and CEO of PSCU Financial Services. “Financial value creation (FVC) remains at the forefront of our financial and strategic objectives,” according to Serlo. He reported that FVC for 2007 was $42.9 million, an all-time high. The cooperative will pay $12.05 million or 50% of the 2007 dividend in cash and all of the remaining amount will be paid out at a later date. The cooperative structure enables PSCU Financial Services’ earnings to be distributed to member-owners as tax-free patronage dividends. It has issued more than $180 million in patronage dividends since it became a cooperative in 1994. About PSCU Financial ServicesPSCU Financial Services is the nation's largest Credit Union Service Organization (CUSO). As a non-profit cooperative, the company is owned by more than 500 member credit unions nationwide, representing nearly 10 million credit and debit cardholder accounts and more than 300,000 online bill payment subscribers. PSCU Financial Services maintains its headquarters and Eastern operations center in St. Petersburg, Florida. The company is also supported by a West Coast operations center based in Phoenix, Arizona.Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, 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 the leader in the credit union industry, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit the company's Web site at http://www.pscufs.com.
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