MEMPHIS, Tenn. - Share One, a CUSO that is a developer of credit union core processing, said it recorded a 75% increase in gross sales and an 87% increase in new system sales.
From 2001 through 2004, 23 credit unions converted from Share One's legacy software to the then newly developed NewSolutions core processing system. Today, the CUSO's client count stands at 118.
When the three-year period of 2013 through 2015 is complete, the company said it will have increased its client roster by 27 new credit unions with a total of $1.5 billion in assets. Share One's installations queue has 11 conversions scheduled through the second quarter of 2016.
Share One said its existing clients have contributed to its growth by expanding their product lines and by expanding their memberships. In the last year-plus, the CUSO has assisted with 11 mergers.
Self-Help Federal Credit Union (West Coast) and affiliate Self-Help Credit Union (East Coast) led the Share One merger ranks. The combined assets of this credit union network are $1.2 billion, and Self-Help CUs serve 117,000 members in underserved markets across the U.S.
Southern Security FCU, Memphis, Tenn., was the first credit union to convert to NewSolutions in 2001 and is part of the Share One CUSO. Southern Security serves as a "testing ground" for some of the new technology and as a working example for prospects considering a system change.
SSFCU has expanded its membership through three mergers in the past five years and has implemented many of the ancillary products Share One offers.
The number of staff members at Share One has increased steadily each year to continue providing the level of service and partnership. Staff has been added to all areas of operations, bringing the current full-time employee count to 84.
"We have exceeded our sales goals for the past three years, causing the expansion in all areas of our operations, but we have focused on maintaining the excellent and personal service our clients expect," said Don Conrad, SVP sales for Share One.