Passageways Adds 6 new Credit Unions as clients
West Lafayette, IN. July 16th, 2008 – Passageways, a West Lafayette, Ind.-based portal solutions provider for financial institutions is reporting a strong first half of 2008. The number of total customers is approaching 150 in the credit union industry itself. Passageways is also seeing a steady growth in the community bank space. The last three months have been particularly impressive with 6 new credit unions and 4 new community banks coming on board. The new credit union industry clients include:
- Aberdeen Proving Ground FCU (MD), $620 million in assets - New Portal Customer
- First Choice CU (FL), $131 million in assets - New Hosted Portal Customer
- New Mexico Educators CU (NM), $828 million is assets - New Portal Customer
- DHCU (IL), $346 million in assets - New In-House Portal Customer
- DuPont Community (VA), $611 million in assets - Hosted Portal Customer
- Deere Employees CU (IL), $325 million in assets – New In-House Portal Customer
Besides these new system sales, Passageways is also recording very healthy board portal sales and module sales to its existing clients each month. Passageways continues to enjoy more than 100% growth over last year in revenue from existing clients.
"We continue to see financial institutions invest in our solutions as increased productivity and increased transparency has come to the forefront in our industry," says Paroon Chadha, Co-Founder/VP at Passageways. "Passageways business model has matured very rapidly so that almost half the revenue is currently coming from existing clients, and we are particularly proud of this achievement," adds Chadha.
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