CU Business Group recently reminded its nearly 300 credit union clients that its operations are separate from those of its eight corporate credit union owners.
"We operate as a completely separate entity and stand on our own both financially and operationally," wrote CU Business Group President/CEO Larry Middleman in a Feb. 2 letter to clients. "[In] these challenging economic times, we believe it is important for you to understand where we stand financially."
As a privately-owned company, the business services CUSO does not release detailed financial results. However, it did provide some information about its financial condition. In 2008, the CUSO said it exceeded all volume targets set by its board. As of Dec. 31, 2008, its capital was just under $1.5 million.
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"Capital and profitability have grown steadily over the last several years. This capital base is expected to allow us to continue operations for the long run," Middleman said.
CU Business Group management has built financial flexibility into its balance sheet and operating structure, Middleman wrote. The CUSO said it has very few fixed costs and no long-term commitments, "allowing us maximum flexibility to shift our operations as necessitated by loan volumes and economic conditions."
"In summary, CU Business Group is in a strong position to manage through this economic cycle," Middleman wrote. "Our business is thriving as credit unions look to diversify their portfolio of products and capitalize on new business opportunities."
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