PHILADELPHIA – Seven area credit unions have teamed up to charter their own business loan CUSO, known as Member Business Financial Services LLC.
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The CUSO will provide servicing and underwriting services, and eventually will participate out loans, according to Bruce Foulke, president of American Heritage FCU, one of the owners.
The other owners are: Keystone FCU, Service 1st FCU, Choice One Community FCU, Viriva Community Credit Union, Eagle One FCU, and People First FCU.
The CUSO was capitalized with $700,000, with each credit union buying a pro rata share based on its asset size.
