Six months after Business Partners LLC, the member lending subsidiary founded by the failed Telesis Community Credit Union, changed owners, the CUSO is starting to emerge from a bleak and dark fog.
A reduction in overhead expenses was the largest contributing factor for Business Partners posting a profit for the first three months of 2013, according to officials who said the organization analyzed multiple areas to cut costs.
"In many ways, Business Partners is redefining itself by getting back to basics. We have a very strong capital position so we can reinvest in the business by making improvements in technology, while at the same time making significant improvements to our balance sheet by reducing expenses," said Dave Maus, president/CEO of the $1.2 billion Public Service Credit Union in Denver and board chairman of Business Partners in Chatsworth, Calif.
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