Primary Financial Helping CUs Generate Liquidity

COLUMBUS, Ind. – Loans continue to outpace savings and as such credit unions are looking for liquidity options. Primary Financial, a CUSO owned by every corporate credit union in the nation, said that more credit unions are turning to its SimpliCD program to issue share certificates to other CUs in an effort to raise funds. Since the start of the year, this activity has increased 76%, with 150 CUs now able to issue through SimpliCD. In August alone $51 million was generated. “What the corporates do is they distribute the deposit product through credit unions. Corporates also bring the credit unions to us that want to issue. They’re participating on both sides of this,” said Mark Solomon, CEO of Primary Financial. Ann Brittin,president/CEO of Cornerstone Community FCU in Pennsylvania said her CU was able to raise $12 million in about a week through SimpliCD.