California, Colorado Leagues Invest in CUNA Network Services

October 31, 2001

FOR IMMEDIATE RELEASE
Contact: Tom Dunn
tdunn@cuna.com
(608) 231-4002

MADISON, WI – The California Credit Union League and the Colorado Credit Union System announce their investment in CUNA Network Services, the credit union system's online business development and deployment organization. These separate investments by each league mark the first credit union league investments in CUNA Network Services.

"The California League recognizes not only credit unions'need for e-commerce products and services, but that credit unions needs are unique in the marketplace, and require a system- owned and oriented solution like CUNA Network Services," said California League President David L. Chatfield. "We're confident CUNA Network Services is the answer credit unions are looking for."

"We carefully reviewed the direction the financial service business is going and determined that CUNA Network Services is moving in the right direction," said James D. Holt, executive vice president of the Colorado Credit Union Financial and Support System. "We believe this investment will help position our credit unions to offer delivery channels and mechanisms that their members will be demanding."

Formed in July 2001 through the combination of Sunstar IP Communications and the e-commerce assets of CUNA Strategic Services, Inc. (CSSI), CUNA Network Services is 38% owned by CSSI, which also controls 4 of 7 seats on the CUNA Network Services Board. Credit union leagues own 49% of CSSI. The mission of CUNA Network Services is to become the credit union system's premier development and delivery entity for current and future e-commerce products and services.

"We're gratified that the California and Colorado Leagues have decided to become investors in our organization," said CUNA Network Services President John Hobko. "We're glad that when they looked at us, they liked what they saw. A number of investors are looking at us right now, and we're confident they'll want to join us."

CUNA Network Services provides efficient, advanced online business and communication products and services exclusively to the credit union movement. Its mission is to develop technology and delivery systems for future credit union e–commerce initiatives, allowing credit unions of all sizes to provide competitive e–commerce solutions to their members.

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