Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Lending Solutions offers employee stock ownership plan
ELGIN, Ill. (1/25/13)--Lending Solutions Inc. (LSI) has established an employee stock ownership plan (ESOP).

The plan effectively transfers 30% ownership to the employees of LSI through a defined contribution benefit plan was formally introduced to the employees on Jan. 11.

An ESOP functions similar to an employee 401k or profit sharing program, where funds will be deposited annually based on the profitability of the company.

"Transitioning to an ESOP model gives us the opportunity to reward many of our long-term employees for their commitment and hard work over the years, as well as attract new employees," said Mark Johnson, Lending Solutions chairman and principal stockholder.

LSI's ESOP will be administered by a committee working in conjunction with a third-party trustee and a third-party administrator. Lending Solutions hired Innovative Shareholder Strategies throughout the development and introduction of the ESOP.

Lending Solutions offers lending center solutions and consulting services to credit unions.


RSS





print
News Now LiveWire
.@PayPal co-founder launches payment-plan lending for online purchases via @CNBC http://t.co/c1FnZHaQya
19 minutes ago
Skimming remains biggest security threat for ATMs says @ATM_Industry global survey #NewsNow http://t.co/VIcX8yGqmY
43 minutes ago
Media outlets widely share @CUNA-CFA #holiday spending outlook #NewsNow http://t.co/9gBFwdfBKv
47 minutes ago
National #LouiseHerring awards for #creditunion philosophy in action selected #NewsNow http://t.co/two4z5lBAU
1 hours ago
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
18 hours ago