Eleven credit unions are the latest to sign on with CUNA Brokerage Services Inc. to bring investment service programs to their members.
The newest clients are:
- $2.4 billion APCO Employees Credit Union, Birmingham, Ala.
- $256 million Five Star Credit Union, Dothan, Ala.
- $403 million First Credit Union, Chandler, Ariz.
- $1.2 billion Vantage West Credit Union, Tucson, Ariz.
- $197 million Illiana Financial Credit Union, Calumet City, Ill.
- $264 million Decatur Earthmover Credit Union, Forsyth, Ill.
- $300 million Abri Credit Union, Romeoville, Ill.
- $1.9 billion First Community Credit Union, Chesterfield, Mo.
- $234 million DuPont Goodrich Federal Credit Union, Beaumont, Texas
- $389 million, FedEx Employees Credit Association, Memphis, Tenn.
- $261 million Heritage Credit Union, Madison, Wis.
According to findings from Charlotte, N.C.-based research firm Kehrer Saltzman and Associates, an investment relationship with a credit union increases member loyalty by more than 40%, which helps cement the overall member relationship and lock in additional years of revenue from credit union services, CBSI said.
An affiliate of CUNA Mutual Group in Madison, Wis., CBSI said it now has more than 250 credit union programs, 400 active advisers, with more than $2.4 billion in mutual fund, annuity and managed account sales, and more than $136 million in annual revenue.
In 2012, CBSI said it paid credit unions more than $60 million in fee revenue.