PHILADELPHIA — Joining a handful of those here that have recently formed business lending subsidiaries, seven Pennsylvania credit unions are the latest entry with the launch of Member Business Financial Services LLC.
Opened in April, the CUSO is owned by American Heritage FCU, People First FCU, Choice One Community FCU, Service 1st FCU, Eagle One FCU, Keystone FCU and Viriva Community CU.
The CUSO will offer participation loans, loan processing, underwriting and servicing, and business deposit training, said Bruce Foulke, president/CEO of American Heritage.
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Member Business Financial Services is one of several CUSOs that have sprang up in Pennsylvania over the past few years. Philadelphia FCU and the Credit Union of New Jersey formed East Coast Business Lenders LLC in 2006. The state is also home to Keystone Business Lending Solutions LLC, CU BizSource LLC and the Pennsylvania Credit Union Association's Business Advisory Services.
Foulke said there were discussions about aligning with an established CUSO but all the credit unions agreed that they could bring something timely to the industry.
"Especially with margin compressions now on return on assets, we felt it would better to have a CUSO that could offer economies of scale and future income stream," Foulke said.
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