As a tumultuous 2009 comes to a close, credit unions that have chosen to invest in CU*Answers are reminded that it pays to partner with a 100% credit union-owned CUSO. CU*Answers, the core data processing company headquartered in Grand Rapids, MI, has declared a $700,000 Patronage Dividend for its owners.
This return is a 75% increase over last year’s Patronage Dividend of $400,000. The CUSO says it has returned a total of nearly $5 million to its owners in the past 5 years. The CUSO attributes the success of 2009 to the continued dedication of its credit union owners/clients and partners working closely together, promoting the power of collaboration.
According to Bob Frizzle, CFO for CU*Answers, “Our Board recognized that this was a year to return as much as possible to natural person credit unions. In addition to the record patronage dividend, we also increased our stock dividend over 2008 levels in an effort to help ease the financial pressures most credit unions are under.”