CU*Answers Adds Record 14 New Owners in 2012

CU*Answers, the West Michigan-based cooperative CUSO, announced that with the addition of two credit unions having recently purchased CU*Answers Class A stock ownership, it had now reached a record fourteen new credit union owners for its 2012 fiscal year that ended September 30th. The two newest owners are MidUSA Credit Union (Middletown, OH) and Rockford Community Federal Credit Union (Rockford, MI).   

CU*Answers added that with these most recent investors, it had now reached a record 107 credit union owners  nationally, which represents a new, all-time high for credit union owners. CU*Answers added that per its cooperative bylaws, there are no “private” ownership opportunities available.

Scott Page, CU*Answers EVP said, “As a cooperative CUSO, it is a documented goal to provide every credit union utilizing the CU*BASE® processing system with an affordable option to become a CU*Answers owner. Just as a credit union is democratically governed by a one member-one vote philosophy, CU*Answers is organized in a nearly identical manner as per all voting considerations. This includes CEOs having an equal opportunity in being nominated/running for the CUSO’s Board of Directors, voting annually for Board of Director nominees, and more.” Page reiterated that during its previous two fiscal years, CU*Answers had returned over $3.0 million in combined, guaranteed patronage and debenture dividend and interest returns back to its credit union Owners, with an average ROI having exceeded 15% for each of these years.