FRANKFORT, Ky. – Commonwealth Credit Union on Friday said it signed an agreement to become the "preferred credit union" for the University of Louisville and will serve the school's faculty, staff, students and alumni.
The $1 billion Commonwealth CU said its new preferred status means it will have an on-campus presence and will be able to offer the university community a full line of financial products and services, including checking and savings accounts, home loans, auto loans, credit cards, investment services, and online and mobile banking via the Commonwealth CU Mobile App.
NCUA lists a credit union known as University of Louisville Student FCU, but its status is "inactive."
Commonwealth CU said it will launch an aggressive "welcome" campaign designed to fully integrate the credit union with UofL. The credit union will be designating a special director of campus relations to serve as a direct liaison between CU and the university.
The credit union will host a series of welcome events around campus and offer incentives and special offers to those affiliated with UofL. Commonwealth CU also will provide a free credit analysis through its Stop & Save program, and offer wealth management guidance and financial literacy programs throughout the school year.
"Students will benefit from scholarships and internships at the credit union and a student-run, on-campus credit union," Commonwealth CU said in a statement.
The credit union said it will be an "active sponsor" of UofL academic and athletic programs, with the credit union's staff becoming a "consistent, visible presence" at these events.
"We are beyond excited to embark on this partnership with University of Louisville and support its efforts as one of the top universities in the country," said Karen Harbin, Commonwealth CU's president and CEO. "We share many common values that really excite us. Our mission is to better lives through our passion to serve. The University of Louisville has that same passion, which allows them to make a difference nationally, much the same way we do in Kentucky."
Harlan Sands, chief financial and operating officer and senior vice president of finance and administration for the University of Louisville, said, "It is important that the university partner with a credit union that not only offered a competitive array of products and services, but that also demonstrates a long-term commitment to supporting our faculty, staff, students and alumni, both individually and comprehensively. We are confident in Commonwealth Credit Union and believe that we have found an ideal partner."
Founded in 1951, Commonwealth CU is Kentucky's largest state-chartered credit union with more than 88,000 members.
