MADISON, Wis. - Citing difficulty with differentiating itselffrom other similarly-named firms, MEMBERS Business Solutions Co.LLC has changed its moniker back to its original name - CUBizSource. The Allentown, Pa.-based CU BizSource was the company'sinitial name when it was spun off from the Pennsylvania CreditUnion Association on Sept. 1, 2004 by MEMBERS Business Solutions.The company has also named Philip M. McGoohan as its firstpresident and CEO. McGoohan comes to CU BizSource with more than 25years of management experience in commercial lending and investmentbanking. He was most recently president and principal ofAnderson/Roethle, Inc., a Milwaukee-based merger and acquisitionadvisory firm. McGoohan also spent 17 years in various seniormanagement positions at Marshall & Ilsley Bank. As for the namechange, it was prompted by the prevalence of other organizations inthe marketplace with similar names, said McGoohan. "It becamedifficult to differentiate among them," he said. "We felt switchingback to CU BizSource was the right choice. It's unique, plus it hasname recognition." The initial focus of CU BizSource is tofacilitate a secondary market for credit union member businessloans. The company will use the secondary market to promote bestpractices in business loan underwriting and provide additionalliquidity and risk management alternatives. Plans also include forthe firm to become a broadly-owned credit union organization andexpand into other areas that support credit union member businessservices, said McGoohan. Currently, CU BizSource serves creditunions in Pennsylvania and three other states with underwritingconsultation, document preparation, loan servicing and a variety oftraining, regulatory and administrative support. Among those plansare to combine its expertise with CU System Funds, a new privateinvestment fund created in March by CUNA Mutual Group. Creditunions certified by CU BizSource are eligible to sell memberbusiness loans to the new fund, which is in a pilot stage.According to McGoohan, sales to the fund benefit credit unions byfreeing up needed liquidity and reducing credit risk, whileallowing them to maintain member relationships by continuing toservice their loans. -

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