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CU Companies expands into three new states

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NEW BRIGHTON, Minn. (4/3/12)--CU Companies, a New Brighton, Minn.-based credit union service organization that offers mortgage services, has expanded its corresponding lending channel to serve credit unions in Illinois, Iowa and Missouri.

The correspondent lending channel provides a secondary market option for funding mortgages with the unique benefit of helping partner credit unions maintain their primary financial institution position.

CU Companies tested the marketplace in Minnesota and Wisconsin before expanding to the additional states.

The company also announced it has hired account executives to service its corresponding lending channels.

The account executives and their territories are:

  • Bruce Goetsch for Illinois, Minnesota, and Wisconsin;
  • Glenda Steller for Missouri and Illinois; and
  • Ted Wende for Minnesota and Iowa.

CO-OP announces patronage dividend of 15.9M

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RANCHO CUCAMONGA, Calif. (4/3/12)--CO-OP Financial Services will distribute a patronage dividend of $15.9 million to shareholders for fiscal year 2011.

The distribution brings CO-OP's total patronage amount to $229.2 million since becoming a credit union cooperative in 1996.

Key events for CO-OP in 2011 included:

  • Merger with FSCC Inc., to unify credit union shared-branching services.
  • A strategic partnership with The Members Group of Des Moines, Iowa, to cross-sell selected products and services.
  • Acquisition of online and mobile bill pay services of Corporate Network eCom LLC, completed in January.
  • Launch of a general media campaign urging consumers to switch from banks to credit unions. The humorous ads use the tag line "Banks Don't Like You. Credit Unions Do."
  • Donation of $1 million to support credit union fundraising efforts for Children's Miracle Network Hospitals through its CO-OP Miracle Match program.
  • A record-high client satisfaction rating set in the first half of 2011, then surpassed in the second half.
The completion of the shared-branching merger enabled FSCC Inc., to pay $14.1 million to its shareholders, a figure that includes all revolving fund balances, 2011 patronage and common stock (based on FSCC book value). The company is now known as FSCC LLC and is part of CO-OP Shared Branching, one of five CO-OP business lines.