PSCU Financial Services Issues Record Dividend of $25.8 MillionNation’s Largest CUSO Returns Value to Its Member-OwnersSt. Petersburg, FL, April 2, 2007 – Citing record performance for the third year in a row, PSCU Financial Services today announced that it issued to its member-owners a total dividend of $25.8 million for 2006 operations, compared to $22.9 million for 2005, an increase of 12.6%. This dividend is the largest in the cooperative’s history and highlights its 30 years of service to the credit union community. "This recordbreaking dividend is due to another year of spectacular results driven by account, transaction and interchange growth combined with higher productivity and vendor savings. We are proud of our ability to lead this industry with innovative products and services and return value to our member-owners,” said David J. Serlo, President and CEO of PSCU Financial Services. With a focus on providing member-owners an even greater immediate return, $9.8 million or 38% of the 2006 dividend is to be paid in cash and in the remainder 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 $156 million in patronage dividends since it became a cooperative in 1994. In 2006 PSCU Financial Services, the nation’s largest CUSO (credit union service organization), added 900,000 new accounts and grew revenue by 8%, while returning $13.7 million in value to its members in the form of price reductions throughout the year. The cooperative now represents more than $334 million in assets. Its call centers handle more than 12 million calls annually and service nearly 11 million credit, debit and bill payment accounts and subscribers. About PSCU Financial ServicesAs a non-profit cooperative, PSCU Financial Services is owned by more than 500 member credit unions representing over 10 million cardholder accounts and more than 400,000 online bill payment subscribers. Its Contact Center services more than 10 million inquiries a year. 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. PSCU Financial Services is the nation's largest Credit Union Service Organization (CUSO). Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaids, bill payment, lending 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 www.pscufs.com.Top
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