PSCU Financial Services Gives Credit Unions Entire $20.5 Million Proceeds From Visa's IPOMember Credit Unions to Net $64 Million Over 12 Month PeriodSt. Petersburg, FL, April 28, 2008 – PSCU Financial Services’ Board of Directors has authorized the return of the entire $20.5 million the company received from Visa’s IPO. This money will be given to member-owners that issue Visa cards under the cooperative’s principal sponsorship. The payments will be made in mid-May, according to Board Chairman Craig Esrael, President, First South Credit Union, Bartlett, Tennessee. “We are under no legal obligation to return these funds, but the directors agreed that distributing these monies to the Visa-issuing credit unions under our principal umbrella will help these credit unions further invest in new products and services that can drive long-term growth,” said Esrael. “To our knowledge, we are the only CUSO or processor that has elected to distribute the monies it received from the Visa IPO to its members.” “We are committed to returning value to members by passing along savings in the form of lower costs, relationship pricing, dividends and other distributions,” said David J. Serlo, President and CEO, PSCU Financial Services. “Over the past 12 months, PSCU Financial Services has returned an impressive $64 million to its members, including more than $32 million in cash dividends – a record setting amount for the CUSO industry.” Serlo announced at the 2008 Member Forum held earlier this month that these Visa monies are an added bonus to member-owners who also received a $24.1 million dividend for 2007 operations, including $5.1 million in special MasterCard dividends resulting from MasterCard’s IPO. 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 prices, amounting to more than $19.6 million in 2007. About PSCU Financial ServicesBased in St. Petersburg, Florida, PSCU Financial Services is the nation's largest credit union service organization (CUSO) and serves more than 1,100 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 500 member credit unions representing over 11 million cardholder accounts and more than 580,000 online bill payment subscribers. Its Contact Center handles more than 14 million inquiries a year. PSCU Financial Services maintains an Eastern operations center in St. Petersburg, Florida, and a Western operations center based in Phoenix, Arizona. The cooperative’s wholly owned subsidiary, Digital Dialogue, operates two 24/7 call centers in Detroit, Mich., that specialize in member services, new member acquisition, cross-selling and automated lending solutions. 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 the company's Web site at http://www.pscufs.com.
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