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TUKWILA, Wash. – Four months after it filed a private placement memorandum with its credit union and CUSO members, Prime Alliance Solutions issued stock to 12 credit unions and CUSOs that chose to become part owners in the wholly-owned CUSO of Boeing Employees CU. The company’s newest investors include: City County CU, GTE FCU, Hiway FCU, Members Mortgage Inc., MacDill FCU, Midwest Financial, Orange County Teachers FCU, Patelco CU, Suffolk FCU, Suncoast FCU, CoastHills FCU, Visions FCU, and Wescom CU. BECU and Dexma, the founders of Prime Alliance Solutions, are the company’s first shareholders. BECU retains about 53% ownership of the CUSO. The first round of funding closed Dec. 22, 2003, but the private placement offer remains open until Dec. 31, 2004. “Closing this first round of funding marks the beginning of a new era at Prime Alliance Solutions, Inc.,” said President/CEO Joe Brancucci. When Prime Alliance announced the private placement memorandum in September, Brancucci said the CUSO made the decision to “broaden the alliance.” Prime Alliance serves 66 CUs – 31 of which are among the top 100 CU mortgage lenders – and CUSOs that represent about 600 CUs nationwide. As a group they accounted for 20% of all credit union mortgage volume in 2002, and approximately 12% of all CU members and assets.

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