PSCU Financial Reports Strong 2009
The end of 2009 saw PSCU Financial Services reaching a number of financial milestones.
The St. Petersburg, Fla.-based CUSO said it posted 31% growth in processing net income and 9% growth in processing revenue for 2009. PSCU Financial also reached 1.1 billion in credit and debit card transactions for the first time, up by 17% since the end of 2008, according to the CUSO. The cooperative achieved 20% growth in debit and online bill payment transactions, with credit transactions up by 6%. Contact center call volumes were up by 6%.
PSCU Financial's member-owners also redeemed revolving funds early with the issue of a $14.7 million payout in December 2009 for redemption of 1999 and 2000 revolving funds.
"We owe our success to the management team's determination to adhere to our three-year strategic plan. That plan includes tactics to achieve growth in two ways: expansion of existing programs and the launch of new platforms like online and mobile banking," said David Serlo, president of PSCU Financial.
The CUSO is owned by more than 600 CUs representing over 14 million accounts and 940,000 online bill payment subscribers. Its contact centers handle more than 17.4 million inquiries a year, PSCU said.