Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
PSCU Financial Services gives CUs 20.5 million from Visa IPO
ST. PETERSBURG, Fla. (4/29/08)--PSCU Financial Services will give its credit unions $20.5 million it received in proceeds from Visa’s initial public offering (IPO), the company announced yesterday. The payments will be made in mid-May. “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 PSCU Board Chairman Craig Esrael, president, First South CU, Bartlett, Tenn. During the past year, PSCU has returned $64 million to its members, including more than $32 million in cash dividends, which is a record, said David J. Serlo, PSCU Financial Services president/CEO. The Visa returns are an added bonus to member-owners, who also received a $24.1 million dividend for 2007, including $5.1 million in special MasterCard dividends from MasterCard’s IPO. PSCU Financial Services is a credit union service organization based in St. Petersburg, Fla. It is owned by more than 500 member credit unions.


RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
14 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
16 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
16 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
16 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
17 hours ago