Massachusetts MBL CUSO Reports Record Profit
Octant Business Services LLC said it is giving its nine credit union owners a 10% dividend after reporting its highest net profit in the CUSO’s history.
The Littleton, Mass.-based company said this is the third consecutive year that it has paid its owners a dividend.
Octant, which offers business loan underwriting, servicing and portfolio administration, said it has also expanded its client base to 19 credit unions and upgraded its technology in an effort to streamline the loan closing process.
“Member business lending provides an opportunity for credit unions to grow their membership, as well as improve their communities by turning small-business owners’ dreams into reality,” said Bob Cipriani, president/CEO of Octant Business Services.
Octant also announced that Tom White, president/CEO of the $1 billion Rockland Federal Credit Union in Rockland, Mass., was elected to serve as the CUSO’s board chairman. Mark Cochran, president/CEO of the $922 million Jeanne D’Arc Credit Union in Lowell, Mass., was elected vice chairman.