The new interim president of Business Partners LLC said the business lending CUSO is on track to continue growing this year.
The Chatsworth, Calif.-based CUSO, founded by the conserved Telesis Community Credit Union, recently provided its audited financial results for 2011.
Business Partners said it had equity at $7.7 million, which equaled 28.1% of its assets. Cash and certificates of deposit investment liquidity totaled $6.8 million or 24.8% on total assets of $27.5 million.
Profitability continued for the eighth consecutive year with net income at more than $1 million 13.3% return on equity and 3.8% return on assets, according to the CUSO.
Loren Houchen was recently named interim president of Business Partners, succeeding Jean Faenza, former president/CEO. Houchen will continue to serve as the CUSO's chief operating officer in a role he told Credit Union Times will "help our company continue its growth and development."
"We're looking forward to a good 2012," Houchen said in a statement.
Houchen said he affirmed that the opinion audit was received and supplemented past strong performance, as supplemented by the SSAE 16 Certification.
Founded in the 1995 by Telesis, Business Partners said it is owned by 17 financial institutions and has more than $1.1 billion in business loans under management. The CUSO said it has analyzed more than $30 billion in business loans since initiating commercial real estate lending in 1998.
The NCUA placed Telesis in conservatorship in March and handed over management to the $1.3 billion Premier America Credit Union in Chatsworth, Calif.
At the time, the regulator said Business Partners would continue to service and originate loans.
According to Telesis' most recent NCUA Call Report, the CUSO is not wholly owned by the $318 million credit union, also based in Chatsworth. As of December 2011, Telesis had an investment of $4.8 million and a $10,000 aggregate cash outlay in Business Partners.
At the time of Telesis' conservatorship, the NCUA said the CUSO was servicing participation interests for approximately 180 primarily credit unions, 32 of which were lead lenders.
Business Partners said it has regional offices in Texas, Colorado, Illinois, Georgia and Connecticut.
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