CNBS sets transaction revenue record

OVERLAND PARK, Kan. – CNBS, a broker-dealer owned by 18 corporate CUs and serving both corporates and CUs, said that year-to-date transaction revenue is already a new record in the firm’s 13-year history. Broker-dealers throughout the country are benefitting from a low-rate, high liquidity environment that leaves CUs with a lot of money to invest. Slower loan growth also has them hungry for yield on the investment side. CNBS’ transactions revenue through November 14, 2002 eclipsed that for all of 2001, which was also an annual record. CNBS would not reveal the actual dollar amount of transaction revenue. CNBS also recently announced record fee income for 2002. CNBS President/CEO Brian Hague said new clients and a system flush with liquidity helped drive the record, but he also referenced a CUNA study of over 1,300 credit unions earlier this year that found CNBS to be the most widely-used broker/dealer among credit unions. “Based on the survey results, we launched a national awareness campaign,” Hague stated. “That campaign contributed to the fastest pace of client growth in the firm’s history.”