MADISON, Wis. — CUNA Brokerage Services Inc. announced 11 credit unions recently signed up to use its investment services program.
The 11 new credit unions bringing on CBSI's investment services program are:
- APCO Employees CU, Birmingham, Ala.
- Five Star CU, Dothan, Ala.
- First CU, Chandler, Ariz.
- Vantage West CU, Tucson, Ariz.
- Illiana Financial CU, Calumet City, Ill.
- Decatur Earthmover CU, Decatur, Ill.
- Abri CU, Romeoville, Ill.
- First Community CU, Chesterfield, Mo.
- DuPont Goodrich FCU, Beaumont, Texas
- FedEx Employees Credit Association, Memphis, Tenn.
- Heritage CU, Madison, Wis.
"We are pleased and excited to welcome these 11 credit unions to the CBSI family," Jim Metz, president and CEO of CBSI, said in a press release. "CBSI's investment program will help these credit unions deepen member relationships and give members another reason to look to their credit union for all of their financial needs."
CBSI cited research that found an investment relationship with a credit union increases member loyalty by more than 40%, which helps cement the overall member relationship and lock in additional years of revenue from credit union services ("The Opportunity for Credit Unions in Investment and Life Insurance Services," Kehrer-Saltzman and Associates, 2013).
According to Metz, the addition of CBSI's investment program will complement a credit union's existing range of services to its members.
"Although our involvement with CBSI has been relatively brief, we are already seeing concrete benefits," said Bob Lestina, CEO of Heritage Credit Union. "Not only are we deepening our relationship with members who choose to access the service, but CBSI is great in referring loan and deposit business to Heritage. It's a win-win situation and a valuable addition to Heritage's list of member services."
CUNA Brokerage Services, Inc. provides Broker Dealer services to credit unions throughout the nation, offering investment products, variable insurance products, securities programs and professional services related to securities transactions. CBSI is an affiliate of CUNA Mutual Group. CBSI has more than 250 credit union programs, 400 active advisors, with more than $2.4 billion in mutual fund, annuity and managed account sales, and more than $136 million in annual revenue.
In 2012, CUNA Brokerage Services paid credit unions more than $60 million in fee revenue.
