Executives of 11 Catholic credit unions from Michigan, Missouri, Kansas, Minnesota, New York and Ohio announced last week the launch of a new association, the Catholic Credit Unions of America.
The purpose of the new organization will enable member institutions to share best practices in all areas of credit union operations including retail and institutional lending, new product design, marketing, compliance, technology, Catholic canon law and other issues relating to the Catholic mission.
Members of the CCUA will also collaborate on the financing of Catholicoriented projects, according to a statement released by the group.
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"For the first time, Catholic credit unions have a mechanism to combine their lending capacities to help finance Catholic projects of nearly any size, in any diocese, nationwide," Tom Gryp, president/CEO of the $482 million Notre Dame Federal Credit Union in Notre Dame, Ind., said. "Catholic dioceses, parishes and schools will now have more attractive alternatives available when financing their projects. That should translate into meaningful savings for them."
There are nearly 100 credit unions in the U.S. with some form of Catholic affinity, totaling more than $3.6 billion in combined assets. The CCUA's founding group of eleven credit unions represents approximately $1.9 billion in assets.
Other Catholic credit unions will be invited to join the CCUA, the association said in a prepared statement.
"Each Catholic credit union in CCUA is already individually strong," Rob Grech, president/CEO of the $438 million Alliance Catholic Credit Union in Southfield, Mich., said. "The potential synergies now available through CCUA will make us even more robust and financially relevant in the lives of Catholic communities across the country."
In addition to Alliance Catholic and Notre Dame FCU, the founding credit union members include the $12.2 million Catholic Family Credit Union in Kansas City, Mo, the $29.4 million Catholic Family Federal Credit Union in Wichita, Kan., the $341 million Catholic Federal Credit Union, Saginaw, Mich., the $28.8 million Minnesota Catholic Credit Union, Little Canada, Minn., the $304 million Oceanside Christopher Federal Credit Union, Oceanside, N.Y,, the $150 million Ohio Catholic Federal Credit Union in Garfield Heights, Ohio, the $15.6 million Parish Federal Credit Union, in Toledo, Ohio, the $6.5 million St. Colman and Affiliates Federal Credit Union in Cleveland, Ohio and the $70.3 million Unity Catholic Federal Credit Union, Parma, Ohio.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
