New Investment CUSO Formed by Fla. CU
With a diverse mix of college students, state government employees and natives who commute from neighboring smaller towns, Tallahassee, Fla., may be ripe for a new financial services alternative.
The $340 million Florida Commerce Credit Union made that discovery after doing extensive research of its market to assess from whom and where the greatest need stemmed.
Looking at national figures, Medina said he turned to the 2010 Kehrer-LIMRA Financial Institution Investment Program Benchmarking Study, which tracked under-performing elements of programs at both credit unions and banks. The study also helps financial institutions set targets for best practices performances. Medina said he was pleasantly surprised to see that credit unions outpaced banks in several areas including in certain referral and revenue categories.
“We wanted to know if the data would support adding yet one more investment service provider to the market,” Medina said. “The data overwhelmingly supported this.”