LIVONIA, Mich. (6/26/12)--Cucorp, a subsidiary of the Michigan Credit Union League (MCUL), will purchase a 10% share Michigan Business Connection (MBC), a credit union service organization (CUSO) that provides business-lending support to state credit unions.
The companies also are developing a marketing agreement through which MBC will use CUcorp sales representatives to augment MBC sales and customer support functions (Michigan Monitor June 25).
The CUcorp board approved the action at its June board meeting.
No purchase price for the transaction was disclosed.
CUcorp sought the relationship with MBC to facilitate increased business-lending collaboration in the Michigan marketplace; increase the number of credit unions involved in business lending, and help MCUL to develop improved business-lending education and training.
MCUL will continue working with its other business-lending partners, said Dave Adams, league president/CEO.
"While we look forward to this new partnership, MCUL remains committed to ongoing dialogue and collaboration with other Michigan-based business-lending CUSOs, such as CenCorp and Commercial Alliance," he said.