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Card Services for CUs to pay Visa IPO dividend
CLEARWATER, Fla. (5/29/08)--Card Services for Credit Unions (CSCU) will pay $28.9 million in a dividend to 2,600 member credit unions--an average of about $11,100 each. The amount is 100% of what CSCU received from Visa’s initial public offering (IPO), said CSCU President Robert Hackney. CSCU will base its distributions on volume from the inception of CSCU in 1989 through December 2005. The patronage dividend will be paid in August or September, the company said in a statement. “We also are exploring options to allow member credit unions to invest their Visa IPO back into the product that generated the proceeds in the first place--their card portfolio. For example, some credit unions might consider converting primarily classic card portfolios to platinum, since they generate 80% more revenue per account,” Hackney added.


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