CU DIRECT CORPORATION SEES GROWTH IN 2010, PAYS DIVIDEND TO SHAREHOLDERS
Ontario, CA, March 3, 2011 -- CU Direct Corporation, parent for the CUDL (www.cudl.com), Lending Insights (www.lendinginsights.com), and new Lending 360 and CUDL Retail brands, today announced that the company’s Board of Directors has approved a 3% dividend on the current share price of $1,000, totaling $1.4 million, to its 91 member credit union shareholders for the 2010 calendar year. This is the sixth consecutive year that the CUSO has paid dividends to their credit union shareholders.
CU Direct, which has ten regional offices throughout the U.S., signed new agreements with 160 credit unions in 2010. As a result, at year’s end more than 930 credit unions, serving 27.5 million members were incorporating the CUSO’s lending solutions and services to enhance their line-up of member product offerings and services, and to maximize their process and cost efficiencies.
Among the credit unions that signed agreements with CU Direct in 2010 to incorporate the CUDL brand’s auto lending solutions and services were: GTE Federal Credit Union (FL); Franklin Mint Federal Credit Union (PA); Pen Air Federal Credit Union (FL); Sandia Laboratory Federal Credit Union (NM); Oklahoma Central Credit Union; Aloha Pacific Federal Credit Union (HW); Charter Oak Federal Credit Union (CT); and American Heritage Federal Credit Union (PA).
CU Direct’s Lending Insights brand, established in 2009, continued to experience growth in 2010 by signing new agreements with 39 credit unions. Credit unions that incorporated the brand’s best-in-class analytical tools and business intelligence solutions included: Grow Financial Federal Credit Union (FL); Security Service Federal Credit Union (TX); Xceed Financial Credit Union (CA); California Coast Federal Credit Union; America First Federal Credit Union (UT); Hawaii State Federal Credit Union; Citadel Federal Credit Union (PA); OnPoint Community Credit Union (OR); San Francisco Fire Credit Union; Northeast Credit Union (NH); and Educational Employees Credit Union (CA).
In a year where the continuing economic downturn once again took center stage, CU Direct’s CUDL lending platform generated more than 419,000 auto loans at dealerships nationwide, while CUDL credit unions were the seventh largest vehicle lender in 2010. The CUSO also reported that 34% of the loans generated through the CUDL system in 2010 went to existing credit union members at the point-of-purchase (in the dealership).
“We are pleased to be able to once again provide a return on investment to our shareholders,” said Tony Boutelle, president and CEO of CU Direct. “Our continued goal is to provide credit unions with a member centric delivery channel and financial services tools that add value to credit unions’ relationships with their members and also helps them grow their loan portfolios.”
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About CU Direct Corporation
Established in 1994, CU Direct Corporation is the credit union industry’s foremost provider of leading lending solutions. Parent to the CUDL, Lending Insights, Lending 360 and CUDL Retail brands, 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. For more information about CU Direct Corporation’s brands and full range of best-in-class lending products and services visit www.cudl.com, www.cudlautosmart.com, and www.lendinginsights.com.