CU*Answers Announces 2011 Sales Results

CU*Answers, the West Michigan-based CUSO, recently announced that it had signed contracts with 11 new credit unions that will be converting to the CU*BASE processing system over the course of the next year. They stated that these 11 newest clients represented over 100,000 members, and approximately $750 million in combined assets. CU*Answers said in total, it converted 14 new credit unions to CU*BASE during its 2011 fiscal, plus several new mergers into existing CU*BASE client credit unions.

CU*Answers added that during this same 2011 period, it had also completed contract renewals with 23 existing CU*BASE clients, representing another 200,000 members and $1.5 billion in credit union assets. CU*Answers stated that 2011 represented the 4th consecutive year in which no CU*BASE client had deconverted, aside from industry mergers.

Scott Page, EVP Sales, said, “The recently completed 2011 fiscal year represents another chapter for CU*Answers maintaining its steadily growing client base for every year during the past decade. However, while adding new clients is terrific, the most gratifying feeling is the unbelievably high rate of loyal client retention we have worked hard to achieve. We feel it represents a certain “stamp of approval” as based upon the vested partnership developed between CU*Answers and its clients. It is certainly one for which we never take for granted, and is a key reason for why we push ourselves  harder each year to ensure the high level of core processing features and unique return on investment opportunities provided.”

Page added that as a result of this client commitment, CU*Answers was able to pay back combined interest and dividends exceeding $1.4 million to its credit union owners for 2010. He concluded saying that based upon initial projections, the total return to Owners is likely be matched or exceeded for 2011.