Assets Up at U.S. Central; 12 Sign on For New System

LENEXA, Kan. – U.S. Central released its third-quarter results recently with its assets coming in at $36.6 billion as of Sept. 30, up from $35.1 billion at the same point list year. Average interest earning assets were $37.9 billion, up from $31.7 billion a year ago. Member balances totaled $31.2 billion, up 13.3% from $27.5 billion. Net income was up from $16.1 million to $17.6 million. Fee income was up from $11.5 million to $13 million due to a $0.7 million increase in payment services fees, a $0.7 million fee increase from Corporate Network eCom business; and a $0.3 million increase in securities safekeeping fees due to increased volume. Operating expenses were up from $36.2 million to $38.4 million due mostly to a $1.1 million increase in salaries and a $0.9 million increase in outside and professional services. In a non-financial item, U.S. Central reported that 12 corporates have signed letters of intent to convert to CNECS, its new account access system that replaced the EDS-driven CCUN. CNECS is driven by Symitar.