November 7, 2012, New Brighton, Minn. – CU Companies, credit union owned service organization, reports a record-setting fiscal year end, August 30, 2012. According to the year-end audit, revenue for the company increased by more than 120 percent and net income increased by more than 600 percent from the previous year. The company reports a positive bottom line of just over $5 million before taxes.
"These significant advancements are thanks to our development efforts over the last two years," said Brad Crandall, CU Companies CEO. "We renewed our focus on service and then reviewed our strategic vision, choosing a path that would build upon our previous successes, diversify our balance sheet enough to manage economic change, and more easily open doors for our other business units."
Crandall adds that the efforts contained a plan which played off of the company's 20-plus years of experience in the mortgage arena, it also included expanding their geographic footprint. "It was a strategy that spoke to the sustainability of our organization. We set the wheels in motion that would allow CU Companies to be an even stronger efficiency resource for many years to come."
In leading the business forward, CU Companies has also taken on a new mission. With respect to its origin--being structured as a credit union service organization--and with a deep understanding of high quality service, CU Companies is committed to earning the loyalty of its credit union owners and financial partners by delivering personalized service and competitive financial products.
CU Companies recently underwent a Growth Readiness Assessment as a testament to its focus on earning loyalty. The assessment was an internal review of organizational structure, looking for the capabilities required to carefully manage new growth while maintaining service standards. "Our team has a resounding sense of ownership that will, without a doubt, give our mission life," said Crandall of the assessment results.
"Chalking up a record-breaking year and moving forward with a new mission driven by a passionate team makes us very well positioned for future growth," added Crandall.