Empire Corporate Rolls Out Products Aimed At CUSOs
Empire Corporate FCU has launched a line of loan products it says are specifically designed to assist Credit Union Service Organizations (CUSOs) with their capital needs. Those products include an advised line of credit, a term line of credit, a warehouse line of credit, commercial real estate loans, and letters of credit. The corporate's primary goal is to provide liquidity to credit union system entities, and these products offer another opportunity to fulfill that goal.
"Due to the relationship CUSOs have with their parent credit union, this 'outside' source of funding allows the CUSO to better leverage its balance sheet, and the credit union to structure its capital and sources of funding effectively," said Kevin A. Bauer, Empire's COO. Empire recently provided, Mortgage Markets CUSO, LLC-a wholly-owned subsidiary of First New England FCU (CT)-with a $2 million warehouse line of credit.