Business Services CUSODebuts
MIRAMAR, Fla. - (11/29/05) -- A business services CUSO launched inJuly of this year is already reporting, coincidentally enough, asmuch business as it can handle. CU Business Capital, LLC, a CUSO ofEastern Financial Florida Credit Union, said it is on track to signon 35 credit unions as clients and/or partners in 2006, at least 20of which will be what it calls Tier 2 investors putting up $25,000each. It is further on track to add a full complement of equityinvestor credit unions by the completion of 2006. Equity investors,of which EFFCU is one, are entitled to a board seat, and will belimited to seven. Bert Bryan, president of CUBC, said those equityinvestors will be credit unions as large as ($2 billion) or largerthan Eastern Financial. CU Business Capital (CUBC) is positioningitself as a one-source model, and stressing that it provides tocredit unions a complete package of services for small-businessowners, especially on the deposit side, where many credit unionofferings are weakest but which has the potential to offer thestrongest revenue stream.