MONTVALE, N.J. — Paragon Federal Credit Union, hoping that CU members will want to surf the Facebook and MySpace tide, said it will boot up a social networking site.

The $400 million Paragon has teamed up with Youngworth Public Relations and Leverage Software to launch Memberville. The CU said the national social networking site will allow other credit unions to join in and provide businesses with a platform to connect with credit union members. Since the Internet is an often crowded two-way street, CU members will have the means to directly message those businesses, credit union officials and members of their own and other credit unions. The site is scheduled to launch on June 23.

"With more than 88.5 million credit union members in the U.S. alone, the credit union industry is uniquely positioned to capitalize on the future of social media," said Paragon President/CEO Richard Rays.

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