LEVERAGE, the League of Southeastern Credit Unions' service corporation, announced this month a new strategic partnership with Vining Sparks IBG that will provide member credit unions access to services including educational resources, online portfolio information, asset liability services, sample policies and investment products.
“It’s important that our credit unions have as many options as possible when it comes to investment services,” said LEVERAGE President/CEO Patrick La Pine. “Vining Sparks has a rich history of providing a diverse product for credit unions across the country. This partnership will improve our credit unions’ ability to succeed and ultimately help their members’ financial future.”
Vining Sparks currently serves approximately 400 credit unions, with close to 40 in Alabama and Florida collectively.
“Our credit union has been a customer of Vining Sparks for many years,” Alabama Credit Union CEO Steve Swofford said. “We use their bond accounting system, attend their training sessions, depend on them for asset liability management (ALM) modeling and consultation, and purchase most of our securities through their sales division.”
“We attribute a measure of our success over the years to our partnership with Vining Sparks,” said Swofford of his $500 million credit union.
With the use of proprietary analytical tools, Vining Sparks said it wrote the first computer-based asset/liability model for community banks, and integrated it into the decision-making process for investment portfolio management.
“Vining Sparks came highly recommended by a few of my colleagues, and I am glad we made the transition,” said Mary Ott Wood, president/CEO of the $82 million Florida West Coast Credit Union. “It was a very positive move for our credit union.”