Credit union companies holds annual meeting
NEW BRIGHTON, MN (March 10, 2014) – CU Companies celebrated another successful year at its annual meeting held recently. Brad Crandall, CEO, reviewed the successes and advances that the organization had in the 2013 fiscal year, with progress that came in the form of consistency, dedication, and partnership. He spoke of the changes the organization experienced in both regulatory and platform aspects, and that CU Companies has embraced those changes and is in a position for future sustainability, profitability, and continued deliberate growth.
Additionally, Steve Ahlness, CU Companies Board Chair, reviewed how CU Companies carried out its goals which ultimately spoke to its vision. He also reported that CU Companies has improved financial performance thereby increasing capital, enhanced the brand image and reputation through a focus on value-added solutions and specifically on personalized service, increased productivity and quality, increased ability to attract new talent, and increased focus on compliance.
The meeting included reports from each of the five business units with highlights from the 2013 fiscal year, including: strengthening the CU Mortgage business unit’s infrastructure to provide a better experience for owners and partners, expanding territory into two new states with a goal of five more by the end of the 2014 fiscal year, a 130 percent increase in the CU Member Business servicing portfolio ($207 million), and a new broker with a vision to make CU Realty more relevant to credit unions.
In attendance at the meeting were 30 of the 66 CU Companies owners. Included in that number was the Board of Directors: Steve Ahlness of Greater Minnesota Credit Union, Kathy Harrington of Heartland Credit Union, Patrick Pierce of City & County Credit Union, Tom Smith of TopLine Federal Credit Union, Phillip Kopischke of SharePoint Credit Union, Paul Dammann of United Educators Credit Union, and Mark Everson of Wings Financial Credit Union.
During a re-organizational meeting following the annual meeting, Smith was elected as Board Chair, Everson was elected as Vice Chair, and Kopischke was re-elected as Secretary.
About CU Companies
CU Companies is committed to earning the loyalty of its owner credit unions and financial partners by delivering personalized service and competitive financial products.
CU Companies was founded in 1987 by three Minnesota credit unions to offer a competitive mortgage solution for their members. They realized that by combining forces, they could offer a superior product to their membership than if they did it alone. These three credit unions created a Credit Union Service Organization (CUSO), CU Mortgage Services, Inc., in which they shared equal ownership.
Over the years, other credit unions recognized that their membership could also benefit from the CUSO and purchased stock in the organization. As the number of owners grew, they realized there were other areas of expertise that could be leveraged to provide an even greater product offering to their members. Over the next several years, four additional subsidiaries (Title, Realty, Preferred Investments, and Member Business) were created and CU Mortgage Services, Inc. became CU Companies.