CUSO Pays 3% Cash Dividend to Shareholders for Eighth Consecutive Year
Ontario, CA, January 14, 2013 -- CU Direct Corporation (www.cudirect.com), the nation’s leading provider of lending solutions to the credit union industry has announced that the company’s Board of Directors has approved a 3% cash dividend to its 102 shareholders for the 2012 calendar year. This is the eighth consecutive year that the CUSO has paid dividends to their credit union and credit union organization shareholders.
CU Direct signed new agreements with 109 credit unions in 2012 to maximize their process and cost efficiencies. At year’s end 1,050 credit unions, serving 34 million members, were utilizing the CUSO’s industry-leading lending solutions to enhance their line-up of member product offerings and services.
As credit unions continued to gain momentum in the auto lending marketplace in 2012, CUDL credit unions experienced 27% loan growth (through November 2012). As a result, CUDL credit unions, as an aggregate, have become the sixth largest auto lender in the nation, after being ranked the eighth largest in 2011.
Among the credit unions that signed agreements with CU Direct in 2012 to incorporate the CUDL brand’s auto lending solutions and services were: San Diego County Credit Union (CA); Police & Fire Federal Credit Union (PA); American Eagle Federal Credit Union (CT); USAlliance Federal Credit Union (NY); RTN Federal Credit Union (MA); Credit Union of Colorado; Hawaii USA Federal Credit Union; Advancial Federal Credit Union (TX); and Firstmark Credit Union (TX).
CU Direct’s Lending Insights continued to experience growth in 2012, signing new agreements with 23 credit unions. Credit unions that integrated the brand’s best-in-class analytical tools and business intelligence solutions included: Mountain America Federal Credit Union (UT); Unitus Credit Union (OR); Credit Union of Colorado; Kinecta Federal Credit Union (CA); Pennsylvania State Employees Credit Union; Premier America Credit Union (CA); Tulsa Teachers Credit Union (OK); and Digital Credit Union (MA).
Credit unions processed 2.3 million loan applications through the CUDL lending platform in 2012, generating 605,700 loans at dealerships nationwide for $13.1 billion in credit union auto loans. The CUSO also reported that 34% of the loans generated through the CUDL system in 2012 have gone to existing credit union members at the point-of-purchase (in the dealership).
“We are pleased to present our shareholders with a cash dividend for the eighth consecutive year,” said Tony Boutelle, president and CEO of CU Direct. “We continue to strive to deliver the products, tools and services that help credit unions’ improve their members’ auto buying and auto lending experiences.”
About CU Direct Corporation
Established in 1994, CU Direct Corporation has helped the credit union industry fund over $120 billion loans by being the nation’s leading lending solution provider for credit unions. Representing more than 1,000 credit unions, CU Direct specializes in solutions that help credit unions generate loans, manage risk and provide value to members. CU Direct Corp. offers a diverse, extensive library of products and services designed to help credit unions advance their lending programs and achieve overall portfolio success. Solutions include CUDL, Lending Insights, Lending 360, CUDL Retail, Vero, and its suite of auto buying products. For more information about CU Direct Corporation visit www.cudirect.com.