The $1.7 billion First Carolina Corporate Credit Union said Tuesday it isexpecting a record-breaking year for its brokerage business,trading almost $200 million in securities so far this year through Oct. 31.

|

The Greensboro, N.C.-based corporate credits its relatively newpartnership with Protective Securities, which launched in early2012, and provided First Carolina with access to a much wider arrayof products, including municipal and SBA bonds.

|

Fred Eisel, First Carolina's senior vice president and chiefinvestment officer and a registered Protective Securitiesrepresentative, said the Birmingham, Ala.-based brokerage firm'sonline Advisor Portal makes areas such as trading, compliancetraining, settlements and commission statements very efficient.

|

“Members like the wide variety of bonds, and due diligence iseasier for them,” he said.

|

Scott Wood, investment analyst at First Carolina and also aregistered Protective Services representative, said the partnershiphas provided access to a much greater inventory, which allows thecorporate to find the best-priced bonds for members.

|

Eisel says credit unions wishing to participate in FirstCarolina's brokerage services do not have to pay in PermanentContributed Capital.

|

“We have a number of users outside our core field ofmembership,” he said. “Many credit unions that no longer have acorporate relationship are looking for a high-quality brokeragewith a focus on and understanding of our industry.

|

“Partnering with Protective Services has blended well with ourgrowing ALM Services division as well, since our ALM users are ableto model a variety of investment strategies and then execute thosestrategies right here, at First Carolina.”

|

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 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.