Page 2 - 2021 CU Solutions Group Annual Report

CEO’S REPORT, DAVE ADAMS

Our strategic reset in 2020 served to help us weather
the uncertainty of the COVID-19 environment, and now
in 2021 we are better positioned to serve credit unions
in the emerging post-COVID world.

This past While consumer banking was already
year was a making major strides into the world of
uniquely remote service delivery, the coronavirus
challenging pandemic made it virtually impossible for
time for all credit unions to delay further expansion
businesses, including CU Solutions Group. of digital banking. Several partnerships
With the termination of the Sprint con- and acquisitions in 2020 helped position
tract and the impact of the pandemic, CUSG for the future—like partner Silver-
there were strong financial headwinds Cloud’s solution that provides credit
that disrupted our otherwise progressive unions access to remote technologies
plans. CUSG remained strong through such as automated member and employ-
2020 by securing new partnerships and ee support, Lenderful’s digital mortgage
private investments while reducing oper- platform, Pocketnest’s financial planning
ating expenses. These changes, along application and CalcXML’s financial cal-
with dynamically successful investment culators and virtual financial stability index
strategies, resulted in net income of $4.3 solution.
million after taxes and a 2.9 percent in-
crease in shareholders’ equity which grew The anticipated sunset of the Sprint part-
to $76.0 million by year end. As a result nership meant that CUSG needed to be
of the company’s continued financial ready with an attractive alternative for
success, CUSG was able to pay a dividend credit union members through the Love
of $190 per share which marked the tenth My Credit Union Rewards program—we
consecutive annual distribution to share- accomplished this with no-contract wire-
holders. less provider, TracFone. Early reception

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