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CUs tell of innovations in biz services
PORTLAND, Ore. (4/10/08)--Business lending is not an area credit unions should ignore, according to speakers at the second annual CU Business Group national convention in Scottsdale, Ariz.
CU Business Group held its second annual national convention, themed “Innovation in Business Services,” in Scottsdale, Ariz. Attendees heard stories from credit union speakers about maximizing business lending opportunities. (Photo provided by CU Business Group)
Speakers at the convention, themed “Innovation in Business Services,” discussed how they have maximized business lending opportunities. “We simply have to serve business in our market,” said Anna DeYoung, CEO, Sky FCU, Livingston, Mont. “We can’t let size be a deterrent.” Sky FCU maximized business opportunities through lending and deposit products, she added. Patelco CU, San Francisco, has a unique program that focuses on buying business loan participations, said Chris Oldag, Patelco senior vice president of lending. Oldag spoke about the challenges the credit union faced while building its $300 million participation portfolio, which he said is the largest in the industry. Participation in business lending increased in 2007, but so did the business loan delinquency rate, said Larry Middleman, president/CEO, CU Business Group. The rate was 1.82% in 2007, up from 0.53% in 2006. High performance compensation strategies for business lenders, branding and techniques for maintaining a mature business program also were discussed. The conference offered sessions on portfolio management and advanced deposit products. CU Business Group provides business lending, deposit and consulting services to credit unions nationwide. It has 11 corporate credit union partners.
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