PSCU Financial Services’ CEO David Serlo Wins 2008 Ernst & Young Florida Entrepreneur of the Year AwardSt. Petersburg, FL (June 10, 2008) – David J. Serlo, President and CEO of PSCU Financial Services, has won the 2008 Ernst & Young Florida Entrepreneur Of The Year award. This prestigious award recognizes men and women who excel at growing and sustaining market-leading businesses. The award celebrates his accomplishments, including innovation in the financial services industry, the creation of jobs and contributions to community growth and development. Serlo received the award in a ceremony in Orlando, Florida, on June 5. Serlo was recognized for building and leading PSCU Financial Services, the nation’s largest credit union service organization (CUSO), with more than 1,450 employees, $564.8 million in annual sales, assets of $282.2 million and three locations across the United States. In presenting the award, Ernst & Young made particular note of Serlo’s foresight in seeing the value of credit union ownership of the company over a decade before the CUSO model became a standard in the credit union industry. As part of this cooperative structure, the organization returns multi-million-dollar dividends to its member-owners every year. Twenty five years ago, Serlo’s vision was to build a cooperative that could equip local credit unions with both the financial products and economies of scale to successfully compete in an industry dominated by large, multi-national banks. Serlo has been a driving force in the development of new products and the forging of relationships with industry-leading service providers that help credit unions remain competitive in today’s challenging economy. He also played a leading role in working with other credit union organizations to establish new CUSOs that are designed to serve the credit union industry. These joint ventures include Credit Union Student Choice that provides attractive financing for student loans, Ongoing Operations (comprehensive business continuity and disaster recovery services) and Procura LLC (expense management and payment solutions), among others. Serlo also spearheads the cooperative’s contributions to a variety of charitable organizations. The cooperative recently signed a major multi-year commitment to underwrite the sponsorship costs of the annual Credit Union Cherry Blossom Ten Mile Run®, so that donations to the event can be contributed directly to the Children's Miracle Network. The 2008 event raised over $1 million for local CMN hospitals across the country. Another example of the cooperative’s philanthropy is its long-term commitment to support The Colonial Williamsburg Foundation’s educational programming that has brought the events and principles of our government’s foundation to life for millions of students. Serlo and other winners from regional Ernst & Young Entrepreneur Of The Year programs across the United States will participate in the highly exclusive national Entrepreneur Of The Year 2008 awards to be held Nov. 12-16 in Palm Springs, California. Past winners include: Michael Dell of Dell Inc.; Pierre Omidyar of eBay, Inc.; Herb Kelleher of Southwest Airlines; and Jim McCann of 1-800-Flowers.com. 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 615,000 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, Michigan, 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. PSCU Financial Services debit program is rapidly expanding. It topped 500 million transactions in 2007, a 117% growth over 2003 transaction volume. Debit account growth is up 66 percent for credit Top
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