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CU*Answers Stock Owners Meeting – Well Received!

Tony Muka
In:

CU*Answers, the 100% credit union-owned data processor, announced that its annual Stock Owners Meeting was completed as part of its CU*Answers Leadership Conference during June 19th – 21st. CU*Answers added that as a 100% credit union owned CUSO, over 100 credit unions nationally were provided the opportunity of participating at this year’s Ownership Meeting, with each credit union Owner having an equal voting share.

A CU*Answers spokesperson said as part of this ownership meeting, owners are able to vote for the Board of Directors, as based upon various member’s expiring terms, as well as other matters requiring ownership vote. Additionally, CU*Answers said this meeting is designed to provide its owners considerable statistical details as pertaining to a financial recap of the CUSO during the previous year, updated Stock book value, and a preliminary projection of financials for its 2012 fiscal year, which ends on September 30th.

They said that several key 2011 financial highlights included:

  • CU*Answers now has 104 Credit Union Owners nationally, including having added 12 new Owners during the previous year – representing its largest single year for new Ownership growth in over 10 years.
  • Assets increased by 9.3% over 2010.
  • Total Equity increased by 23.6% over 2010.
  • Retained Earnings grew by a significant 43.5% since 2010.
  • Ownership book value increased by an impressive 17.1%. CU*Answers added that since 2007, ownership book value had now increased by over 204%.

CU*Answers said additional Ownership Meeting highlights included:

  • Combined dividend and interest revenue paid back to its Stock Owners for 2011 exceeded $2.1 million.
  • The return paid to owners per CU*Answers dollars received was an eye-opening 15.3%.
  • CU*Answers added that early 2012 revenue estimates are projected to exceed $35.4 million, and are likely to exceed $45 million when combined with its cuasterisk.com network partners.
  • The CU*Answers stock purchase price is currently $150K, and is reviewed annually by its Board of Directors following the final audited financials being completed later this year.