DENVER -- Citing service and distribution handicaps, the Credit Union Association of Colorado said last week it has sold its "Savings Safari Youth Program" to one of its partners, ProAdSpec Inc., a Cottage Grove, Wis. promotion firm.
In shedding the savings account package designed for CUs, in part, as a literacy tool, the CUAC, serving Colorado and Wyoming CUs, said ProAdSpec would be taking over all of the marketing and distribution functions on the product. Terms of the sale were not disclosed.
The "Safari" package, representing a "fun and adventurous way" for youngsters to learn about savings and money management, includes newsletters, certificates, special pencils and balloons among other items, noted ProAdSpec.
In a formal statement, CUAC noted that Savings Safari was developed nearly 20 years ago by the trade group with more than 45 CU clients across the U.S. and that while its original market was Colorado and Wyoming the program now has "a much broader impact."
"That is why we chose ProAdSpec as our distribution partner for states outside our immediate region," explained Daniel Burk, vice president of business and product development for Credit Union Strategies Partners, a CUAC unit.
But now "to take Savings Safari to the next level requires strong commitment" and therefore ProAdSpc can do the job, said Burk.
CUAC and its affiliated Credit Union Association of Wyoming remain "a strong proponent of youth marketing programs" in line with a newly introduced branding/awareness and literacy campaign across the two states, said Burk.
"The Credit Union Association of Colorado has not changed its priorities, but has an ongoing commitment to ensuring products and services are delivered with a focus on quality and value, which can sometimes be better implemented by partnering or outsourcing a service with expertise and similar services," said Karen Morgan, senior vice president of communications and marketing for CUAC.
For its part, Dan McElroy, president of ProAdSpec, said in taking over Safari it plans to expand marketing and service on a broader regional scale as well as add new Web-linked features to the accounts permitting direct access by youngsters and their parents.
McElroy said the money management product becomes more important for CUs in light of the new emphasis on savings and membership.
Establishing the product "will help credit unions serve a membership group that other financial institutions frequently overlook," said McElroy. "Providing the benefits of credit union membership to today's children will help ensure a bright future for them and your credit union." --firstname.lastname@example.org