DuGood Credit Union, a $276 million institution based in Beaumont, Texas, has launched Texas CU Services LLC, a CUSO intended to allow DuGood to share resources like mortgage, lending and IT services with other credit unions.
In its first few weeks of operation, the CUSO has already assisted three local credit unions.
“Most people probably don’t realize that there are over 60 credit union locations in Southeast Texas, and we all have the same desire to serve our members well,” said DuGood’s CEO Jada Kelley in a statement.
The mission of the CUSO, DuGood noted, is to offer “affordable services” to credit unions that will result in “shared efficiencies and growth.”
Kelley also said that she hopes the CUSO will continue to grow and would like to offer more services, such as consulting and core computer system hosting, in the future, to fellow credit unions.
“Credit unions aren’t like any other type of financial institution,” Kelley added. “Even though we serve the same area, we work together. We’re cooperatives, and we want everyone to be successful.”
With about 30,000 members, DuGood posted net income of $2,003,179 in 2016, after generating $1,869,419 in the prior year.
