CU DIRECT CORPORATION CONTINUES GROWTH IN 2011, PAYS CASH DIVIDEND TO SHAREHOLDERS FOR SEVENTH CONSECUTIVE YEAR
Ontario, CA, February 3, 2012 -- CU Direct Corporation (www.cudirect.com), parent for the CUDL, Lending Insights, Lending 360 and CUDL Retail brands, today announced that the company’s Board of Directors has approved a 3% cash dividend on the current share price of $1,000, totaling $1,395,450 million, to its 94 shareholders for the 2011 calendar year. This is the seventh consecutive year that the CUSO has paid dividends to their credit union and credit union organization shareholders.
CU Direct, which has ten regional offices throughout the U.S., signed new agreements with 128 credit unions in 2011 to maximize their process and cost efficiencies. At year’s end 990 credit unions, serving 28 million members, were utilizing the CUSO’s lending solutions to enhance their line-up of member product offerings and services
Among the credit unions that signed agreements with CU Direct in 2011 to incorporate the CUDL brand’s auto lending solutions and services were: Bethpage Federal Credit Union, Trumark Financial Federal Credit Union, University of Virginia Credit Union, University of Michigan Credit Union, Genisys Credit Union, Greenwood Credit Union, Arizona State Credit Union, New Mexico Educators Federal Credit Union, Weokie Credit Union, and Meridian Trust Federal Credit Union.
CU Direct’s Lending Insights brand continued to experience growth in 2011 by signing new agreements with 55 credit unions. Credit unions that integrated the brand’s best-in-class analytical tools and business intelligence solutions included: Grow Financial Federal Credit Union; Members Choice Credit Union; Mazuma Credit Union; Credit Union Student Choice Partners, LLC; Prime Way Federal Credit Union; Sierra Central Credit Union; Members Cooperative Credit Union; Kauai Community Federal Credit Union; Big Island Federal Credit Union; and SB1 Federal Credit Union.
In a year that saw credit unions gain back some marketplace momentum in a challenging economic climate, 1.75 million loans were processed through the CUDL lending platform in 2011, generating 484,000 loans at dealerships nationwide for $877.5 billion in credit union auto loans. This ranked CUDL credit unions as the eighth largest vehicle lender in 2011 in the U.S. The CUSO also reported that 33% of the loans generated through the CUDL system in 2011 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 in the form of a cash dividend,” 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.”
# # #
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.cudirect.com.