PORTLAND, Ore. — Recently marking its fourth year anniversary, CU Business Group is celebrating a new milestone.
The business services and lending CUSO recently signed on its 200th credit union, $125 million Kansas Super Chief Credit Union. Formed in August 2002, CU Business Group is jointly owned by eight corporate credit unions and currently works with credit unions in 28 states.
For Kansas Super Chief Credit Union, the new alliance means it can now offer a complete package to its business members, said Glen Scott, president/CEO.
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"Offering business services to our members is certainly new territory for Kansas Super Chief Credit Union," Scott said, adding the partnership will allow the CU to "tailor our products to the individual needs of our business members, while ensuring we target the right niches within our strategic objectives."
CUBG has celebrated several milestones since September. Earlier this month, Kansas Corporate Credit Union became the CUSO's newest equity owner.
"For us, it was a small step from being a re-marketer of CU Business Group to an owner," stated Kent Gleason, executive vice president at the corporate. "We're excited to bring such a comprehensive, customizable program to our members"
In September, the CUSO hit the $600 million mark in loan packages received. About half of these loans are commercial real estate loans, which tend to be larger dollars, according to CUBG. However, the other half are the classic small business loans, such as lines of credit for working capital and term loans for equipment.
"Credit unions continue to see a wide variety of member loan requests, from the $10,000 line of credit to the multi-million dollar commercial facility," said Larry Middleman, CUBG president/CEO.
On signing its 200th credit union, Middleman said, "Two hundred credit unions is absolutely tremendous. It is very rewarding to help so many credit unions develop and run their business services programs." –[email protected]
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