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Herbst Named CEO of CUMAnet
BASKING RIDGE, N.J. (12/7/10)--Joseph P. Herbst, a leading figure in two of the corporate credit unions placed under National Credit Union Administration conservatorship, has been named the new president of the Credit Union Mortgage Alliance Network (CUMAnet). The credit union service organization (CUSO), which provides mortgage origination and servicing, seeks to expand its reach nationally. CUMAnet began in the northeast U.S., but has recently expanded to serve Washington D.C., Chicago and other markets. Herbst's “comprehensive background and experience in the industry and success with growing organizations from the regional to the national level will serve as key elements in helping to grow our organization,” said CUMAnet board member Robert Birkahn. Herbst was CEO of Members United Corporate FCU, Warrenville, Ill., which was placed under conservatorship by the NCUA Sept. 25. He also was chairman of the board at U.S. Central FCU, Lenexa, Kan., which the NCUA took over in March 2009. “My primary goals will be to increase CUMAnet’s national footprint and maximize operational efficiencies for future growth, paving the way for low-price options,” said Herbst. “That is, after all, what the credit union system is all about.”


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