As the credit union industry continues to experience the increase of mergers and acquisitions, the 100% Credit Union-owned Service Organization (CUSO) CU*SOUTH consistently drives positive growth in many forms with the latest representing a 3% annual dividend payout to their credit union Shareholders.
“This dividend represents the continued success of our CUSO thanks in large part to the dedication of our hardworking team of professionals and our great partnerships within the CU*Asterisk Network,” says President/Chief Operating Officer Derrick Smith. “Together we build strong relationships with all of our credit unions, not just those that are Shareholders, creating greater opportunities and capabilities for credit unions that otherwise may not be able to provide the level of resources for their staff, and service for their members that both deserve,” concludes Smith.
“Our community of credit union partnerships is strong and ever growing,” states CU*SOUTH Board Chairman and President/CEO of RVA Financial Credit Union Rick Preble. “I attribute the CUSOs growth to many things, but at the core of everything we do is to be the leading source of solutions that empower our credit union community to be heroes for their members,” continues Preble. “It’s a large order to fill, but I have experienced this team rise to the challenge time and time again, always reaching further with this impressive dividend payment to our Shareholders representing a portion of the positive results from their efforts.”
At the halfway mark of their fiscal year, CU*SOUTH’s success is also reflected in filling their last available core conversion spot for 2022, with current recruiting efforts for additional team members to support their growth. To date, CU*SOUTH has signed to their core platform, as well as some taking advantage of their back-office services for Collections and Accounting Support:
- Post Office of Maryland Credit Union (Baltimore, MD)
- Walton County Teachers’ Federal Credit Union (Defuniak Springs, FL)
- Bakersfield City Employees Federal Credit Union (Bakersfield, CA)
- FAA Federal Credit Union (Memphis, TN)
- Alabama Law Enforcement Credit Union (Birmingham, AL)
“As our Shareholders know well, credit unions are quickly realizing that not only can they have a core that performs the way they need it to – offering the latest technology and ease of use at a price tag they can afford,” Smith explains, “but that they can also have a true partnership with one of their own – a credit union-owned company that understands the variety of challenges and needs any credit union goes through, and rises to those situations by offering additional resources and services so a credit union can not only handle their day-to-day, they can thrive at the same time.”
“As a credit union CEO and CUSO Shareholder, I understand the importance of finding the right partnerships and investments for your credit union,” says Preble. “We have enjoyed experiencing both with CU*SOUTH and seeing our credit union partners benefit from the CUSO’s all-in-one software systems, as well as a number of staffing support services from collections, accounting, and IT – to data analytics, lending specialties, and much more. I am looking forward to all that is to come for CU*SOUTH because with this team, I know it’s going to be great,” concludes Preble.
As part of the CU*Asterisk network with a community of over 350 credit union partners, CUSO-based CU*SOUTH was founded in July 2006, with a mission to grow credit unions. They do this by delivering an outstanding core software and support experience (CU*BASE), as well as by delivering Collaborative Services with fractional employees to support the credit unions in the CU*Asterisk network with Accounting, Collections, Compliance, IT management and back-office support, and more.
