ST. PETERSBURG, Fla. (4/16/10)--PSCU Financial Services announced that it is issuing a dividend of $17.9 million to its member credit unions for 2009. The credit union service organization, based in St. Petersburg, Fla., also cut fees by $6.7 million in 2009--creating a benefit of about $24.6 million for the year. Processing revenue increased by 10% and the cooperative posted double-digit gains in debit/credit and online bill payment transactions. “One credit union executive told me that the dividend payout accounted for more than 20% of the [credit union’s] net income for the year,” said Craig Esrael, president, First South CU, Memphis, Tenn., and chairman of PSCU Financial’s board. “We hope these dividends will enable our members to gain market share during this unique economic environment.” In 2009, PSCU Financial Services also experienced:
* A 17% gain in debit and credit transactions to 1.1 billion transactions; * A 20% increase in bill payment accounts and transactions, with one million bill pay subscribers; and * Inquiries totaling 17.4 million handled by its contact centers.