Lino Lakes, Minn.-based core processing provider Sharetec on Thursday said it signed 16 new credit union clients in 2017.
Matt Isger, Sharetec’s regional director, attributed the company’s growth to word-of-mouth advertising.
“All of us at Sharetec are humbled by our customer referrals resulting in our consistent growth,” Isger said in a statement. “The market is saturated with core systems, so to welcome 16 more credit unions to Sharetec shows the Sharetec solution brings considerable value to the institution.”
Menlo Survey Federal Credit Union, Menlo Park, Calif., was one of those CUs that made the choice to change core systems to Sharetec products. The $65 million CU serves employees of the U.S. Geological Survey and their families, plus select employee groups. Menlo Survey FCU said it was faced with a challenge as many of its members have reached retirement age, or moved away. The credit union reported it chose Sharetec’s Home Banking and Mobile product, along with Bill Payment, Picture Pay and P2P, so those members can stay in touch with the credit union regardless of their locale.
“When evaluating possible business partners, our credit union looked for a company that brings all of the necessary pieces together,” said Kelly Keniston, credit union manager for Menlo Survey FCU. “Our ideal partner values security highly, offers products that are highly functional and easy to use for both our members and staff, keeps up with technology, and works with our other business partners, all while being cost effective. With these criteria in mind, Sharetec was the obvious choice for our credit union. We look forward to joining the Sharetec community.”
Cary Csombok, CEO of loans and personnel at $27 million Monroe County Teachers Federal Credit Union, Key West, Fla., said Sharetec will help the CU compete.
“In our small geographical area, we are surrounded by many larger competitors. It is our goal to be able to offer the newest and most advanced products and services to our members, just like the competition,” Csombok said. “We feel Sharetec gives us the ability to do just that. We look forward to continuing to grow our credit union with Sharetec as our core processor.”
Sharetec System, a provider of both in-house and service bureau core solutions, serves nearly 300 credit unions after posting 67% growth since 2000.