T. PETERSBURG, Fla. — PSCU announced today it is paying a $24.2-million dividend to its owner credit unions for the 2018 fiscal year.
PSCU said 25% was an immediate cash distribution.
PSCU said it also paid an additional $8.5 million of previously issued equities to bring the total cash payment to $14.6 million. Since becoming a cooperative in 1994, PSCU has distributed $514.3 million in patronage dividends, nearly 50% of which has already been paid in cash, the CUSO said.
“Over the past year, we continued to make strategic investments in proprietary and advanced tools to enhance offerings to our owners to position them for success in an ever-evolving payments landscape,” said Chuck Fagan, PSCU president and CEO. “We are proud to deliver best-in-class payments solutions, services and growth strategies that give our credit unions a competitive advantage and enable them to better serve their members’ needs in the channels they choose. We look forward to serving as an extension of our owners’ teams in the New Year and for years to come.”
PSCU cited highlights from the past fiscal year:
- Launch of a leading-edge digital banking platform, Lumin Digital, to drive engagement and personalization
- Deployment of new market-leading fraud solutions including Pindrop (cardholder voice authentication), Linked Analysis, expanded Alerts and Controls and dedicated fraud analysts to stop over $210 million in fraud and enhance the security of credit union and member data
- Delivery of a user-friendly, customizable card management application, DX Mobile, with an administrative portal that allows for control and personalized card capabilities through the mobile channel
- Enhanced technology integration by developing APIs to easily control and customize payment interfaces for seamless member interactions
- Expansion of collections services to provide a more robust, integrated solution with improved functionalities for account recovery through the acquisition of CU Recovery and The Loan Service Center
- Optimized contact center technologies to allow a multi-channel, member-driven approach to call processes to more seamlessly serve as an extension of Owner credit unions
- Leveraged partnership with Jack Henry, a leading provider of technology solutions and payment processing services, to drive additional scale and enable new opportunities for owners through more robust analytics, fraud management and vendor negotiations
“Owners benefit from PSCU’s investments by sharing in the financial returns that are distributed through the company’s annual dividend. PSCU’s cooperative structure enables distribution of the company’s earnings to its owner credit unions as tax-free patronage dividends. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years,” the company said.
The Annual Meeting of PSCU’s owner credit unions will take place on April 2 during Member Forum 2019, which will be held April 2-4, 2019, at the JW Marriott Austin. This year’s event – with the theme of “Beyond Limits” – will feature keynote speakers, senior leadership sessions and strategic insights on digital payments and other industry-leading topics. Registration is now open to Owner credit unions and can be accessed here.