First Carolina Corporate Credit Union has selected MY CU Services, LLC, as its electronic bill payment service provider. MY CU(r) Services, LLC, is a wholly-owned subsidiary of Mid-Atlantic Corporate FCU, Middletown, Penn. In other news, the corporate has become an equity owner in CU Business Group LLC, a credit union service organization begun in 2002 by Northwest Corporate Credit Union, Portland, Ore. The CUSO offers a complete package of business lending, deposit and consulting services to credit unions nationwide.
For info: www.firstcarolina.org
Centennial Purchases UMM
DENVER-Centennial Lending, LLC, a CUSO providing commercial, construction and mortgage lending services to nearly 30 credit unions in Colorado and Wyoming, has purchased United Members Mortgage (UMM), a CUSO providing mortgage lending services to 49 Credit Unions in seven states. Centennial has also purchased United Members Title Company (UMTC), which will change its name to Centennial Members Title. Centennial said the purchase will allow more CUs to begin offering commercial and construction loans. Centennial Lending said a slowdown in mortgage volume played a role in UMM's agreeing to the purchase. The company is currently servicing $333 million in residential mortgage loans and more than $90-million in commercial and construction loans.
4 More Corps. To CU Biz Group
PORTLAND, Ore.-CU Business Group has completed a private placement offering and four more corporate credit unions have purchased equity ownership in the CUSO, bringing the total number of corporate owners to eight: Northwest, First Corp, Empire, Mid-States , First Carolina , Louisiana , VACORP, and VolCorp. CUBG said the private placement offering allowed the firm to reach its long-term capital goals and establishes it as a "long-term player" in the CU business services support services arena.
For info: www.cubusinessgroup.org.
Asset Exchange Brokers Sale
PORTLAND, Ore.-AssetExchange has brokered the sale of Colorado United Credit Union's $5.8-million credit card portfolio to InfiCorp. "We made a strategic financial decision to sell our portfolio, one that will also provide our members with enhanced credit card products," said the $98-million CU's CEO, Rick Weber.
For info: www.assetexchange.com
