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CSCU returns 100 Visa IPO proceeds to CUs
CLEARWATER, Fla. (9/24/08)--Card Services for Credit Unions (CSCU) announced that it will distribute a special mid-year Visa initial public offering (IPO) patronage dividend worth $28.9 million--100% of what CSCU received from Visa. The distribution will be made this month. CSCU will base its distributions on volume from the inception of CSCU in 1989 through December 2005. About 2,600 credit unions will be included in the distribution--an average of $11,100 per credit union. “We also are exploring options to allow member credit unions to invest their Visa IPO windfall back into the product that generated the proceeds in the first place--their card portfolio,” said Robert Hackney, CSCU president. “Some credit unions might consider converting primarily classic card portfolios to platinum, since they generate 80% more revenue per account.”


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