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CO-OP patronage distribution totals 22.2M for 2009

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RANCHO CUCAMONGA, Calif. (4/16/10)--CO-OP Financial Services announced its patronage pool totaled $22.2 million during 2009, with a cash disbursement to its member credit union shareholders of $12.2 million--12% more for each figure than in 2008. The Rancho Cucamonga, Calif.-based provider of access and convenience services for credit unions said the pool brings its total patronage distribution to shareholders to $191.9 million since it became a credit union-owned cooperative in 1996. During 2009, CO-OP achieved total net income of $24.2 million, also a 12% increase over 2008. "In spite of the difficult economy, credit unions and CO-OP continue to make a team that can compete with any national bank and win," said Stan Hollen, president/CEO of CO-OP Financial Services. "We have worked hard to strike a balance between reinvesting in the access and convenience products and services credit union members expect, and distributing a healthy patronage payout to our shareholders. Our goal will always be to help our clients be successful long into the future," Hollen added.

PSCU Financial Services issues 17M dividend cuts fees

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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.

IMN adds social networking to CU On newsletters

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WALTHAM, Mass. (4/16/10)--IMN has added a trackable social networking feature to its Credit Union On e-newsletter for credit unions. The feature allows credit union members to post content from the newsletter on sites such as Facebook and Twitter. The feature offers a bookmark and share invitation next to e-newsletter contact, which encourages members to post the material on their personal profile pages. Readers who click on the content are connected to the credit union’s e-newsletter. The feature also allows credit unions to track which members are posting the information. “Our social media capability will help credit unions to further improve their brand visibility, improve member loyalty and generate leads for cross-selling opportunities,” said Craig Capp, IMN vice president. IMN is a content-driven e-communications company in Waltham, Mass.

Software as Service added to VSofts check solutions

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ATLANTA (4/16/10)--VSoft Corp., a global information and technology provider of process improvement solutions for financial institutions, has added a Software as a Service delivery model for its suite of check processing, document and reporting solutions. The model provides financial institutions with item-capture and image-processing solutions that function like a full in-house deployment while leveraging the infrastructure of VSoft’s data center. Arizona FCU, Phoenix, is using the model for its image-based item processing, the company said. VSoft is based in Atlanta.