With the addition of four new partners, business lending CUSO Northeast CUSO said it boosted its revenue by 19% and doubled its net earnings last year.
The Keene, N.H.-based CUSO said 2010's revenue and earnings followed a profitable 2009. Northeast now serves 18 credit unions.
"We had a good year financially, despite continued weakness in local markets and flat servicing balances," said Scott Anderson CEO of Northeast. "Our ability to diversify revenue sources and add partners that are committed to business lending are the reasons we grew and made a profit. We also have a great team, at all levels, which is the key to our overall success."
Meanwhile, the $297 million NorthCountry Federal Credit Union in South Burlington, Vt., is the latest to sign on with Northeast, according to the CUSO.
"They had a successful business lending program in place when we met, yet partnered with Northeast because of the value we bring to the relationship. This is exactly the type of niche business Northeast is seeking and we look forward to a long and mutually beneficial partnership," said Robert Cashman, chairman of Northeast and CEO of Metro Credit Union in Chelsea, Mass.