HARRISBURG, Pa. -- Recognizing its investment program, the Bank Insurance & Securities Association has awarded PSECU its Award of Excellence for Program of the Year among community-based financial institutions, making it only the third credit union in the award's seven-year history to receive the recognition.
Program of the Year honors are given to a bank or credit union securities, insurance or investment program that exemplifies industry excellence. Awards are given in three categories: large national and regional institutions, regional institutions, and community-based financial institutions. Program superiority is assessed based on productivity, marketing initiatives, integration initiatives, product innovation, technology initiatives, and education or compliance initiatives.
The $2.9 billion PSECU's investment program is managed through CUSO Financial Services, LP, a broker-dealer and registered investment advisory firm. Investment programs at the three credit unions that have won the BISA awards were all managed by CFS.
PSECU's investment program is managed through CUSO Financial Services, LP, a broker-dealer and registered investment advisory firm. Investment programs at the three credit unions--PSECU, Wescom CU and Addison Avenue FCU--that have won the BISA awards were all managed by CFS at the time they received the honor.
BISA said "PSECU has demonstrated a 'can do' approach to creatively evolving ways to provide fact-to-face services in an investment program that is embedded within a credit union that provides virtually branchless delivery of traditional deposit and loan services."
"Since joining CFS in 2002, [PSECU] has focused on making investment services a core offering of the credit union," said Valorie Seyfert, CEO of CFS. "As a result, they have changed the way that members and staff view the value of the program. Members now view PSECU's investment services group as a credible resource for planning and investment advice."
Seyfert said the investment program "now makes a meaningful contribution to PSECU's non-interest income."
"Everyone has benefited--members, staff and PSECU as an institution," Seyfert said. "We are extremely proud of everyone involved with the investment program at PSECU, including credit union senior management, their investment
program manager Steve Franke, and his entire investment advisory team."
BISA is a trade association dedicated to serving the needs of those responsible for marketing securities, insurance, and other investment and risk management products through commercial banks, trust companies, savings institutions and credit unions.