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TOM SAKASHSTAFF NEWSWRITER

Products Archive

Products

Student CU Connect grows in first seven months

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OVERLAND PARK, Kan. (11/9/09)--Student CU Connect CUSO LLC reported that more than 5,400 students have received $40 million in loans to finance their education through a partnership between Student CU Connect and ITT Technical Institutes, a technology post-secondary education program. The credit union service organization (CUSO) was founded seven months ago by seven credit unions to help students receive education loans from credit unions. Student CU Connect specifically works with ITT students. The loans help pay tuition and other expenses not covered by student aid. Credit unions make a three-year commitment to fund a pre-specified amount of student loans each calendar quarter and an ownership capital contribution to the CUSO. They also are required to maintain an active relationship with a local ITT campus. Eli Lilly FCU, Indianapolis, is the originating entity and holds 10% of the loans. ITT Educational Services guarantees the repayment of loans that are charged off above a certain percentage, based on annual dollar volume. The other founding credit unions include:
* Bellco CU, Greenwood Village, Colo.; * CommunityAmerica CU, Lenexa, Kan.; * Workers’ CU, Fitchburg, Mass.; * Directions CU, Toledo, Ohio; * Veridian CU, Waterloo, Iowa; and * Credit Union of America, Wichita, Kan.
The Rochdale Group, Inc., a credit union service provider, administers the program.

Product and Services brief

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* DAYTON, Ohio (11/9/09)--Panini, a global payments processor, has been ranked among the top 100 companies on FinTech 100, an international listing of top technology vendors for the financial services market. Panini is ranked on the list with financial technology companies that were judged according to their global revenues. The FinTech 100 represents companies that receive at least 33% of their revenue from the financial services industry. Panini was founded in Turin, Italy, and provides check capture solutions including teller capture, back-counter capture, corporate capture, merchant back office conversion, cash vault, microfilm replacement and remittance processing ...

CUNA Mutual now sole owner of crop insurer ProAg

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MADISON, Wis. (11/9/09)--CUNA Mutual Group has closed on its purchase agreement with Producers Ag Insurance Group to become sole owner of the crop insurer. ProAg, based in Amarillo, Texas, provides multi-peril crop insurance coverage to family farmers and agriculture producers nationwide. The sixth-largest writer of multi-peril crop insurance in the U.S., ProAg will operate as a stand-alone subsidiary of CUNA Mutual. The acquisition supports CUNA Mutual's need to identify new growth opportunities and diversify the risks it insures, said a joint press release. The agreement with ProAg will also enhance CUNA Mutual's flexibility and financial strength while enabling ProAg to continue expanding its business. Michael Connealy will serve as president/CEO of ProAg. Kendall Jones has been named chief operating officer. Both men have been with ProAg since May 2006. Russ Klein of CUNA Mutual will serve as ProAg's chief financial officer, and Deb Casurella, also of CUNA Mutual, has been named chief information officer. "The decision on ProAg and our recent acquisition of CPI Qualified Plan Consultants build on our expertise and strengthen our financial position," said CUNA Mutual President/CEO Jeff Post. "These acquisitions build off our core competencies, help diversify our business, and provide revenue streams that give us flexibility to invest and grow in the future, while remaining focused on credit unions." "CUNA Mutual's commitment to our way of doing business makes it the natural provider of the institutional support we need to reach our goals of becoming a market leader," said Ben Latham, ProAg chairman. Since 2006, when their partnership was formed, ProAg has grown from 70 employees doing business in 25 states to 390 employees serving more than 40 states. ProAg is on pace to generate more than $530 million in premium during 2009, the companies said.