PSCU Financial Services Reports Impressive Income, Revenue Growth in 2009

Cooperative Now Exceeds 1 Billion in Annual Transactions

Jan 05, 2010, 14:22 ET from PSCU Financial Services, Inc.

ST. PETERSBURG, Fla., Jan. 5 /PRNewswire/ -- Despite the recession and turmoil in the financial markets, PSCU Financial Services posted 31% growth in processing net income and 9% growth in processing revenue for 2009. The nation's largest credit union service organization also reached 1.1 billion in credit and debit card transactions for the first time -- up by 17% since the end of 2008. The cooperative achieved 20% growth in debit and online bill payment transactions, with credit transactions up by 6%. Contact Center call volumes were up by 6%.

To further assist its member-owners, the cooperative continued its history of redeeming revolving funds early with the issue of a $14.7-million payout in December 2009 for redemption of 1999 and 2000 revolving funds.

"We owe our success to the management team's determination to adhere to our three-year strategic plan. That plan includes tactics to achieve growth in two ways: expansion of existing programs and the launch of new platforms like online and mobile banking," said David J. Serlo, President, PSCU Financial Services.

During 2009 the cooperative helped member-owners grow their core debit/credit/bill payment business by providing promotional materials, consultative services, and 24/7 Contact Center support. Credit unions also benefited from discounted pricing for use of multiple services.

"It's been exciting to see credit unions and their members embrace our online and mobile banking platforms, which can play an important role in both enhancing member loyalty and attracting younger members," said Serlo. "Consumers are looking for an alternative to traditional banks and banking practices, so we have a unique opportunity to take advantage of the favorable spotlight that has been focused on the credit union industry and its member-friendly practices."

While most of the growth has come from increased activation and utilization from existing member-owners, the cooperative also achieved net new growth from dozens of credit unions that were attracted by its marriage of fully featured products with outstanding Contact Center support.

Based in St. Petersburg, Florida, PSCU Financial Services is the nation's largest credit union service organization and serves more than 1,300 financial institutions nationwide. For more information, visit PSCU Financial Services' website at

SOURCE PSCU Financial Services, Inc.