PSCU Financial Services has announced what it said was the largest dividend ever from a CUSO, $45.4 million.
PSCU serves over 500 credit unions which process payments on the First Data platform. The CUSO also provides call center, bill pay and other services as well.
PSCU said that the 2008 distribution included proceeds of $35 million resulting from the sale of the Visa and MasterCard stock.
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"The root of our financial accomplishments is greater usage of our core services: credit, debit, online bill payment and Contact Center support," said David Serlo, CEO of PSCU Financial Services. "We also posted dramatic growth in member satisfaction and overall leadership within our market segments. And we achieved one of our key objectives, financial value creation of $61 million, through price reductions, dividends, proceeds from stock sales and net income."
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