The board of directors of PSCU Financial Services agreed to give to its member-owners all of the $20.5 million the organization received from the initial public offering of Visa Inc.
The money will be given to member-owners that issue Visa cards under the principal sponsorship of PSCU, according to a release from the St. Petersburg-based credit union service organization and nonprofit cooperative.
Payments will be made in mid-May, the release said.
PSCU is not under any legal obligation to give the funds to its member-owners, but directors agreed that distributing the money would help credit unions invest in new products and services that can drive long-term growth, Craig Esrael, chairman of the PSCU board of directors, said in the release.
