MEMBERS Development Co. adds nine new owners
MEMBERS Development Co. has added nine new credit unions as owners and reached its planned capacity for shareholders.
The credit union service organization now has 69 owners, including 65 Class A shareholders, the company said on Monday. Any credit union seeking to join MDC will be placed on a waitlist.
The newest owners range from the $7.8 billion-asset Mountain America Credit Union in West Jordan, Utah, to the $967 million-asset USE Credit Union in San Diego.
“MDC’s business model is a case study in the cooperative philosophy at the heart of the credit union industry,” Jeff Kline, CEO of MDC, said in a press release. “MDC draws strength from owners’ experience and creative intuition, as well as their vision for meeting members’ needs and wants in the digital age.”
Overall 20 new owners joined MDC this year, with eight of those buying into the company after the summer owner meeting in Chicago. That meeting drew record attendance of more than 200 participants. MDC shared product results and research on a range of topics, including robotic process automation, the student loan debt crisis and cybersecurity. The CUSO also launched a partnership this year with Constellation Digital Partners.
MDC conducts research and development on products. Its owners serve nearly 14 million members and hold more than $192 billion in assets.