ONTARIO, Calif. (2/10/12)--CU Direct Corporation, parent company for the CUDL, Lending Insights, Lending 360 and CUDL Retail brands, Thursday announced the company's board of directors approved a 3% cash dividend. This is the seventh consecutive year that the credit union service organization (CUSO) has paid dividends to their credit union and credit union organization shareholders.
The dividend--on the current share price of $1,000--totals $1,395,450 million, paid to its 94 shareholders for the 2011 calendar year.
CU Direct, which has 10 regional offices nationwide, 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 using the CUSO's lending solutions to enhance their lineup of member product offerings and services.
In a year that saw credit unions gain back 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.
"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," said Tony Boutelle, CU Direct president/CEO.
Among the credit unions that signed agreements with CU Direct in 2011 to incorporate the CUDL brand's auto lending solutions and services were:
- Trumark Financial FCU, Trevose, Pa.;
- University of Virginia CU, Charlottesville, Va.;
- University of Michigan CU, Ann Arbor, Mich.;
- Genisys CU, Auburn Hills, Mich.;
- Greenwood CU, Warwick. R.I.;
- Arizona State CU, Phoenix;
- New Mexico Educators FCU, Albuquerque;
- Weokie CU, Oklahoma City; and
- Meridian Trust FCU, Cheyenne, Wyo.
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 FCU, Tampa, Fla.;
- Members Choice CU, Washington, D.C.;
- Mazuma CU, Kansas City, Mo.;
- Credit Union Student Choice Partners, LLC;
- Sierra Central CU, Yuba City, Calif.;
- Members Cooperative CU, Cloquet, Minn.;
- Kauai Community FCU, Lihue, Hawaii;
- Big Island FCU, Hilo, Hawaii; and