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PSCU Distributes $1.6 Million in Patronage

ST. PETERSBURG, Fla. - PSCU Financial Services, the card services organization for over 500 credit unions that process their card transactions with First Data Corporation, will distribute $1.6 million in patronage to its member-owner credit unions. "Our commitment to share our returns with our credit union member-owners is a powerful...

By Staff Writer | Updated on November 18, 2003

ST. PETERSBURG, Fla. – PSCU Financial Services, the card services organization for over 500 credit unions that process their card transactions with First Data Corporation, will distribute $1.6 million in patronage to its member-owner credit unions. “Our commitment to share our returns with our credit union member-owners is a powerful illustration of our philosophy,” said David J. Serlo, President, PSCU Financial Services. “The issuance of these checks, which brings the total payout to over $29 million since we became a cooperative in 1994, validates the financial strength of PSCU Financial Services and illustrates our ability to provide member-owners with products and services that enhance performance and revenues.” The company became a cooperative in 1994. The cooperative structure enables PSCU Financial Services’ earnings to be distributed to member-owners as tax-free patronage dividends. At least 20% of the dividend is paid each year in cash, while the remaining 80% or less is distributed in the form of equity instruments.

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