Primary Financial Co. LLC, a CUSO owned by 27 corporate credit unions, said 2008 was a banner year that generated $650 million in liquidity for credit unions and $215 million in yield to investors.
The Westerville, Ohio-based CUSO, which serves 4,000 credit unions through its SimpliCD certificate placement service, recently released its 2008 annual report. Primary Financial said it secured $9 billion in brokered certificate of deposit placements. It also said net income reached almost $4 million and its corporate credit union owners earned fees and distribution payments of more than $8 million.
As a result of the CUSO's 2008 activity, payments to its co-brokers increased by
350% over 2007, reaching more than $7 million last year, exclusive of its first capital
distribution of $1.1 million, according to Primary Financial's annual report.
There are now 4,000 credit unions that are doing business with the SimpliCD program, which allows for the investment of funds in federally insured CDs or issuing CDs to a national market of potential investors, the CUSO said.
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