CU Direct shareholders to receive 10th consecutive dividend
ONTARIO, Calif. (1/23/15)--CU Direct, a provider of lending, automotive and strategic solutions to credit unions, will distribute a 3% cash dividend to its 104 credit union shareholders--the 10th consecutive year the company has paid a dividend to its shareholders.
In 2014, CU Direct signed new agreements with 68 credit unions, to drive efficiencies, increase loan originations and generate revenue.
At year's end, 1,074 credit unions--serving 41 million members--were using the company's lending solutions, including mobile and lending platforms, analytics and reporting, auto-buying tools and retail lending products.
"We continue to deliver innovative lending solutions that help credit unions improve member auto-buying and lending experiences, and grow their loan portfolios," said Tony Boutelle, CU Direct president/CEO.
CU Direct credit unions funded more than 1 million loans through CU Direct's CUDL lending platform, generating $22 billion in credit union auto loans in 2014. The company helped its credit unions increase loan growth 29% in 2014, and as a result CU Direct credit unions, as an aggregate, became the third-largest auto lender in the nation, after being ranked the sixth largest in 2013.