PHILADELPHIA (5/4/09)--VINtek, which provides automotive collateral management services and direct auto finance solutions for credit unions and other automotive finance lenders, announced today that during the first quarter its revenues rose 183% over first quarter 2008. More than 700 lenders nationwide employ VINtek's automotive collateral management line. Customers range in size from small community-based credit unions to some of the largest commercial banks in the nation, the company said. "Automotive lenders realize the critical importance of perfecting their liens on automotive collateral given their concern over increased repossession forecasts," said Larry Highbloom, VINtek president. "This concern extends beyond consumer automotive finance, as evidenced by an engagement we recently concluded to file liens on more than 100,000 pieces of rolling stock of a trucking company that serve as collateral for a large revolving credit line with one of the nation's top commercial banks. Our products manage risk and reduce operating costs meeting two of the top priorities of lenders in the current economic environment," Highbloom said. Among its collateral management services are Electronic Lien and Title (ELT) technology, a "green" initiative that replaces paper titles with digital data for lienholders and business process outsource (BPO) administration of automotive collateral.
WESTBROOK, Maine (5/4/09)--Maine Credit Unions’ Shared Branching Network announced that coverage has been expanded to include Aroostook County, giving the network statewide coverage. The addition of Aroostook County includes 11 new locations with Acadia FCU, Fort Kent; NorState FCU, Madawaska; and The County FCU, Caribou, joining the network and bringing the total number of locations in Maine to more than 105. The shared branching network gives the nearly 415,000 members of participating Maine credit unions access to nearly twice as many branches as any other financial institution in the state, said the Maine Credit Union League. John Murphy, league president, explained that the expansion of shared branching in Maine is another example of how Maine credit unions work to bring convenience to their members. “In today’s economic climate, the opportunity to save travel time, effort and fuel through accessing a nearby shared branching location is extremely valuable, especially from a convenience standpoint, to credit union members,” he said.