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RFG Press Release

Raddon Financial Group Awards Ten Credit Unions that Excelled in Overall Performance 

Lombard, Ill., October 7, 2009 – Raddon Financial Group (RFG), a strategic business unit of Open Solutions Inc.®, recently presented their Crystal Performance Awards to ten high-performing credit unions with assets below $500 million.

The Crystal Performance Award was designed to recognize credit unions for achieving a top ten ranking based the RFG Performance Index™, a balanced scorecard measurement of growth, income, efficiency and margin management. 

The award winning credit unions were Appalachian Community Federal Credit Union, Consumers Credit Union, DHCU Community Credit Union, Library of Congress Federal Credit Union, Lincoln County Credit Union, Florida Credit Union, ILWU Credit Union, Kirtland Federal Credit Union, Sound Credit Union and SouthPoint Federal Credit Union. 

“We are pleased to recognize such a diverse group of credit unions from all areas of the country.  Despite differences in geography, member demographics and scale, each of these credit unions embodies the key traits we find in measuring high performing credit unions.  They manage expenses extremely well with an average efficiency ratio of 65 percent, and they typically garner a greater share of their members’ deposit and loan business when compared to other credit unions.  Their management teams, boards, employees and members should be pleased with this recognition,” offered Bill Handel, vice president of research and product development with RFG.

More than 500 credit unions were evaluated for the Crystal Performance Award through RFG’s CEO Strategies Group program.  Each of the winners ranked among the top two or three percent of all credit unions analyzed by RFG for two consecutive reporting periods in 2008.  “Consistency in overall performance is requisite in our selection of Crystal Performance Award winners” added Bob Dye, general manager and chief operating officer with RFG.  To be eligible for the Crystal Performance Award, a credit union must participate in the CEO Strategies Group for an in-depth analysis of the credit union’s financials, sales, products and member household relationships. RFG recognized the top credit unions in two asset classes based on their 2008 performance: credit unions above $500 million and below $500 million in assets.

The Crystal Performance Award is presented annually at RFG’s CEO Forum.  For more information about the CEO Forum visit www.raddon.com/forum or call 800.827.3500.

About RFG
RFG, a strategic business unit of Open Solutions Inc., has been providing research-based solutions exclusively to the financial services industry since 1983. RFG understands the industry and knows how consumers and businesses interact with financial institutions. By combining our practical know-how with best practices in research and analysis, RFG helps financial institutions manage their customer relationships and their organizations.

RFG has been analyzing credit union performance through the CEO Strategies Group for over 15 years.  For more information about the CEO Strategies Group, Crystal Performance Award or RFG, contact Dan McGowan by email at dmcgowan@raddon.com or by phone at 800.827.3500. Visit RFG online at www.raddon.com or subscribe to RFG’s industry blog at www.theraddonreport.com

About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic information management product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, technology services, HSAs, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.

For more information about Open Solutions or its financial product line, contact Deborah Katz, vp, corporate marketing, by email at deb.katz@opensolutions.com or by phone at 860.815.5385. Visit Open Solutions’ Internet site at www.opensolutions.com.

Open Solutions Inc. is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2009 Open Solutions Inc. All rights reserved.

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Editor’s Note: The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI to refer to the company.

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