BELLEVUE, Wash. — Even though the number of credit unions served by ShareBuilder Corp. has declined since being acquired by ING DIRECT, the online brokerage firm is reassuring the industry that alliances are here to stay.
ShareBuilder was bought by ING DIRECT in November 2007 for $220 million. Back then, roughly 125 CUs were clients of ShareBuilder, known for its automatic investment plans. Today, those numbers have dropped to roughly 50, according to Kathy Schanno, a spokeswoman for ShareBuilder from ING DIRECT. Some chose not to continue on as clients while others were not comfortable doing business with a bank, Schanno said.
"It's been a period of adjustment," Schanno acknowledged. "Our programs with credit unions have historically been co-branded programs. Historically, ING has pursued a direct distribution. There will be programs in place. We're just not sure how many there will be."
Recommended For You
Schanno said the ING DIRECT brand has allowed ShareBuilder to add real-time quotes and easier account setups. In November it signed a lease to a 130,000-square foot facility in Bellevue, Wash. to accommodate its growth, according to ING Direct.
"We value our credit union partners. There are and will be programs in place for credit union members through our co-branded partnerships," assured Schanno.
Launched in 2000, the $81 billion ING DIRECT has more than 7.3 million customers in the United States.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
