PSCU announced it paid out a patronage dividend of $25.4 million for fiscal 2017. The credit union service organization noted that it also previously distributed a payment of $5.5 million related to the prior issued capital credits.
“During 2017, PSCU made investments of nearly $25 million in innovative solutions and leading-edge technologies for credit unions to better interact with their members,” said PSCU President and CEO Chuck Fagan in a statement. “Since our inception more than 40 years ago, our focus has been on driving the success of our owners by providing best-in-class payments solutions and an unparalleled member experience. This will continue in 2018 and beyond.”
PSCU also said that it has issued a total of $490.1 million in patronage dividends – almost 50 percent of which has been paid in cash – since becoming a cooperative in 1994. PSCU’s cooperative structure enables distribution of the company’s earnings to its owner credit unions as tax-free patronage dividends.