Member Business Financial Services, a Philadelphia-based CUSO, announced the appointment of Mark Ritter as CEO.
Ritter is the former vice president of business lending at Members 1st Federal Credit Union in Mechanicsburg, Pa., where he was responsible for one of the nation's largest credit union business portfolios and launched a participation program that grew to be one of the largest buyers and sellers of business loans in the eastern United States.
Member Business Financial Services 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 services over $160 million in business loans for its 12 owner credit unions in Pennsylvania, Delaware and Maryland.