CU*Answers Reports 2011 Results
CU*Answers said it will be converting 11 new credit union clients to the CU*BASE core processing system in 2012, after converting 14 in 2011.
The Grand Rapids, Mich.-based CUSO also said it renewed contracts with 23 existing core clients in 2011 and marked its fourth consecutive year without losing a client except through industry mergers.
“The recently completed 2011 fiscal year represents another chapter for CU*Answers maintaining its steadily growing client base for every year during the past decade. However, while adding new clients is terrific, the most gratifying feeling is the unbelievably high rate of loyal client retention we have worked hard to achieve,” said Scott Page, executive vice president of sales.
The CUSO said it also added eight new owners recently, giving it 102, the most in its 41-year history, and that it now serves more than 190 credit unions on the core platform through its own operations and cuasterisk.com network partners CU*NorthWest and CU*South.
Page also said client commitment enabled the CUSO to pay back combined interest and dividends exceeding $1.4 million to its credit union owners for 2010 and that “based upon initial projections, the total return to owners is likely be matched or exceeded for 2011.”