WESTERVILLE, Ohio -- Corporate credit unions that own the SimpliCD, a brokered certificate of deposit solution, set and broke the single day sales record on March 14 with $77 million in sales, according to Primary Financial Co. LLC, the program's operator and custodian.
The SimpliCD program invests credit union funds in federally insured CDs from nationwide issuers, monitoring all transactions and paying one monthly interest distribution for the entire portfolio. SimpliCD monitors each account in the portfolio, provides reports of all holdings, settlement dates, rates and monthly interest.
Sales of SimpliCD by corporate credit unions in March 2008 alone totaled $1.1 billion, Primary Financial Company reported, exceeding the previous best quarterly sales total set in the first quarter of 2004. Total outstandings for the SimpliCD program now stand at $4.6 billion, according to the credit union service organization.
"This explosive growth is just another example of the power of the corporate network," said Mark Solomon, president/CEO of Primary Financial. "The vision of the corporate network to acquire Primary Financial and its SimpliCD program in 2003 and to have all corporates involved is proving to be fruitful for credit unions and for corporates."
Formed in 1996, Primary Financial is owned by 27 corporate credit unions and serves more than 3,300 credit unions.