FORT WORTH, Texas -- San Francisco-based Patelco Credit Union and Bethpage, N.Y.-based Bethpage Federal Credit Union have selected State National Companies as their collateral protection insurance provider.
"State National has seen significant growth over the past couple of years as credit unions recognize the advantages of CPI," said John Pearson, executive vice president and national sales manager for State National. "While technology has revolutionized the way credit unions deliver products and services, it has also provided more advanced options in insurance tracking and customer service. We are pleased to partner with both Bethpage and Patelco, and look forward to working with them for years to come."
Prior to selecting State National, Patelco, with over $4 billion in assets, and the $2.5 billion Bethpage FCU were both self-insured. However, changes in the industry and technology, persuaded the credit unions to reconsider a CPI solution.
Both credit unions were looking to mitigate risk within their auto loan portfolios while meeting high member service standards.
"As we see an increase in losses within our auto portfolio, due to a lapse in insurance coverage or cars not located for repossession, we chose State National's program to lessen the impact of those losses," said Michele Dean, senior vice president of lending at Bethpage.
Patelco CU serves some 220,000 members nationwide and Bethpage FCU services over 141,000 members.