SAN DIEGO – CUSO Financial Services, a leading broker-dealer and investment advisor for credit unions, sold its last six limited partnership units in its Phase III capital offering to Member Gateways, LLC. The purchase by Member Gateways, a CUSO owned by 21 of some of the largest CUs in the country, is in addition to the original investment Member Gateways made in CFS in March 1999. The latest purchase was approved by a unanimous vote of Member Gateways members. Member Gateways represents nearly 3 million CU members and $30 billion in CU assets. CFS President Valorie Seyfert said the CUSO does not anticipate immediately opening a Phase IV capital offering. The four-year old company has shown increasing profitability and revenue growth for the past several years and finished 2001 with a strong net profit.
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