Mark Ritter has been appointed CEO of Member Business Financial Services, a business lending CUSO owned by 12 credit unions.
Ritter, who took the helm on Monday, is the former vice president of business lending at the $2.2 billion Members 1st Federal Credit Union in Mechanicsburg, Pa.
While there, he was responsible for the credit union’s business portfolios and launched a participation program grew to be one of the largest buyers and sellers of business loans in the eastern United States, according to MBFS.
Ritter succeeds Gary Graves, who was hired in the fall of 2011.
Located in the offices of the $1.2 billion American Heritage Federal Credit Union in Philadelphia, MBFS provides participating credit unions with loan servicing, business loan portfolio management services, including collateral, insurance and financial information monitoring, loan origination and underwriting, coordination of loan participations and participation loan accounting, preparation and recording of loan documents and reviews of financials for third party vendors due diligence.
"I am very excited to begin my work at Member Business Financial Services for our credit union partners," said Ritter. "I have a passion for credit union business lending since it allows us to make a difference with the business community in the areas we serve. It will be a privilege to grow our CUSO for our existing and new partners."
MBFS said it services more than $160 million in business loans for its 12 owner credit unions in Pennsylvania, Delaware and Maryland.