More Credit Union Owners for CU*Answers
Two more credit unions have become co-owners of CU*Answers, the Grand Rapids, Mich., CUSO that supplies the CU*Answers core processing system to 185 credit unions.
They are the $64 million Oak Trust Credit Union of Naperville, Ill., and the $60 million Lenco Credit Union of Adrian, Mich., CU*Answers said.
The investment by those two credit unions beings to 104 the number of credit union owners, the most in the CUSO’s more than 40-year history. Any credit union that uses the CU*BASE processing system can become a stock owner in the CUSO, its executive vice president said.
“There are a variety of financial and non-financial opportunities and benefits enjoyed by our owners, including having the option of being nominated and voting annually for its Board of Directors,” Scott Page said.
“Additionally, during the past two years alone, CU*Answers has returned over $3 million in combined dividend and interest returns back to its credit union owners,” he said.