Symbionce Financial Solutions LLC, a mortgage services firm, was the only CUSO to make Inc. magazine's 500|5000 list, a ranking of the nation's fastest-growing private companies.
Those selected for the 2014 list were ranked according to percentage revenue growth when comparing 2010 to 2013, according to the publication.
To qualify, companies must have been founded and generating revenue by March 31, 2010. The minimum revenue required for 2010 was $100,000 and for 2013, $2 million.
They also had to be U.S.-based, privately held, for profit, and independent, not subsidiaries or divisions of other companies, as of December 31, 2013.
The East Hanover, N.J.-based Symbionce ranked 945th on the list.
The 12-employee CUSO said it had 478% growth between 2010 and 2013. It generated $565,991 in revenue in 2010 and $3.2 million last year.
“We are thrilled to be selected to appear on this prestigious list. We are the only CUSO to be honored this year,” said Ann South, managing member of Symbionce.“Our staff, credit union clients, and excellent products and services have proven to be a great combination. We are so proud of what we have accomplished.”
Symbionce emerged in 2009 to help save credit unions that were sold fraudulent loans by CU National Mortgage, a subsidiary of the defunct U.S. Mortgage Corp., The debacle ended up costing credit unions $139 million.
The CUSO bought the servicing rights of more than 80 credit unions that were served by CUNM, said South, who is also president/CEO of $139 million Novartis Federal Credit Union in East Hanover, N.J.
Many of them had very small portfolios with just one or two loans, she added. Today, roughly 50 credit unions in 16 states are now Symbionce clients.
For her efforts to help save Novartis and other credit unions impacted by CUNM, South was named CU Times CEO Trailblazer of the Year in 2010.
In a stagnant economic environment, the median growth rate of 2014 Inc. 500|5000 financial services companies is 112%, according to the publication. The companies on this year's list report having created over 84,000 jobs in the past three years.
“Not all the companies in the Inc. 500 | 5000 are in glamorous industries, but in their fields they are as famous as household name companies simply by virtue of being great at what they do. They are the hidden champions of job growth and innovation, the real muscle of the American economy,” said Inc. Editor Eric Schurenberg, in a statement.
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