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CU Direct Acquires Indirect Services

October 26, 2004

RANCHO CUCAMONGA, Calif. -- California-based CU Direct Corp. has purchased Indirect Services, Inc. (ISI), a Salt Lake City-based management software consulting company. The terms of the transaction were not disclosed.

ISI seeks to develop alliances between auto dealerships and financial organizations. It is the second largest point-of-sale network for U.S. credit unions and administers the DecisionApp system.

Combined operations will result in monthly activity of 50,000 funded loans and $900 million in financing. The acquisition increases the number of states CU Direct does business in from 17 to 32. It will also bring the number of dealers in the Credit Union Direct Lending system from 3,000 to more than 5,700. The combined company will have approximately 160 employees.

In the short term, customers will see no impact on day-to-day operations. DecisionApp users will see the CUDL brand when they access the system. DecisionApp users will have access to CUDL's other services, including education and training, risk management, marketing and continued dealer relationship development. Early next year, CUDL staff will work with ISI staff to help build and enhance a combined system.

ISI employees will join the CU Direct team. The combined organization will keep supporting CU Direct's goal of creating a national auto lending network for credit unions.

"CU Direct will create new opportunities for the credit unions and dealers in our program," said John Arens, ISI president. "Being part of a larger whole means expanded access to markets, a stronger presence at the dealership and the benefits of economies of scale. We think our client base will be very happy with this new view of their future," Arens said.

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