Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
PSCU Financial Services gives CUs 20.5 million from Visa IPO
ST. PETERSBURG, Fla. (4/29/08)--PSCU Financial Services will give its credit unions $20.5 million it received in proceeds from Visa’s initial public offering (IPO), the company announced yesterday. The payments will be made in mid-May. “We are under no legal obligation to return these funds, but the directors agreed that distributing these monies to the Visa-issuing credit unions under our principal umbrella will help these credit unions further invest in new products and services that can drive long-term growth,” said PSCU Board Chairman Craig Esrael, president, First South CU, Bartlett, Tenn. During the past year, PSCU has returned $64 million to its members, including more than $32 million in cash dividends, which is a record, said David J. Serlo, PSCU Financial Services president/CEO. The Visa returns are an added bonus to member-owners, who also received a $24.1 million dividend for 2007, including $5.1 million in special MasterCard dividends from MasterCard’s IPO. PSCU Financial Services is a credit union service organization based in St. Petersburg, Fla. It is owned by more than 500 member credit unions.


RSS print
News Now LiveWire
Social media use helps CUs establish credibility/authenticity says Amaia Stecker, @CUNA sr. social media media mangr. http://t.co/wWAPeDe7UW
20 minutes ago
#creditunion affinity card programs make the grade for schools See #NewsNow http://t.co/TThZIvMRTO
13 hours ago
Home-price appreciation softens further in July #NewsNow #Market http://t.co/0MXVy9sby0
15 hours ago
.@ChartwayFCU charitable arm, the We Promise Foundation, has reached the $1M fundraising milestone in a single year for the first time
16 hours ago
.@mncreditunions' Mark Cummins shares CU difference with @KIMTNews3 http://t.co/gkarhZxDRF
17 hours ago