St. PETERSBURG, Fla. – PSCU Financial Services has declared $11.7 million in patronage dividends for its more than 500 member credit unions. This is the ninth consecutive year the firm has declared dividends since becoming a cooperative in 1994. "Despite the soft economy in early 2003, we were able to add 1.2 million new accounts, increase productivity and maintain the same net income and dividends as in 2002," said David J. Serlo, PSCU Financial Services president. "We accomplished these significant achievements while returning all interchange income for the first time in our company's history. At the same time, we implemented a new pricing methodology that gives credit unions the option to pay for services they use and lowered transaction pricing to our member-owners by more than $18 million."
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