CU*South’s mission to support the credit union industry by offering not just the best services and products on the market, but through ownership in this CUSO to the benefit of both the company and the member-owners it serves, was celebrated this month with the announcement of a four percent declared dividend for shareholders.
Fairhope, Alabama — December 29, 2011 Capping the end of what CEO Leo Vaulin calls “a remarkable year,” credit union core processer CUSO CU*South, Inc. announced its Board of Directors has approved a 4% dividend on all outstanding shares of Class A common stock. Additionally, CU*South increased its retained earnings by 54%.
“This is a significant milestone in the growth of CU*South,” says CEO Leo Vaulin. “The Board felt it made an important statement of support for our industry, especially for a CUSO competing against publicly-traded and privately-held firms that return nothing
to their customers.”
The CUSO structure was chosen as CU*South’s business model because it invites participation by the “member-owners” who use its products and services. Member-owners contribute to the development of the products, with the option to build equity in the company and recognize a return on their investment. A strong and vocal supporter of the credit union industry, CU*South provides in-house and online core processing, online and mobile banking, and well as managed services such as back-office accounting, lending, collections, information technology, marketing, and management consulting for credit unions.
“2011 has been a remarkable year,” Vaulin states. “We increased our members served by 69%, and our users served by almost 85%.”
Ownership in the CUSO is open to all credit unions using CU*South’s software or services.
“We price our shares at a reasonable rate,” says Mr. Vaulin, “and we’re organized under a
one-share-one-vote model to ensure equal participation by credit unions both large and small.”
CU*South is a member-owned, credit union service organization. Our products, services and efforts are all aimed toward one goal; supporting the credit union industry by serving members. If you would like to know more about our core processing software, or managed services, please give us a call at 800-293-7554, ext 647.
