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
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
1 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
19 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
20 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
20 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
22 hours ago