Superior Credit Union Inc., a $630 million institution based in Lima, Ohio, said that its subsidiary, Superior Financial Solutions LLC, has acquired Yocum Realty, a real estate brokerage firm also based in Lima.
The acquisition will add to Superior CU's current home- and business-related offerings of mortgage origination, title services, and property and casualty insurance.
"Yocum Realty has a strong presence and great reputation in west central Ohio," said Phil Buell, president and CEO of Superior CU, in a statement. "We believe this will be a true benefit to our current and new members as we provide them convenient access to real estate brokerage services. As west central Ohio's mortgage leader, offering our members brokerage services will further enhance the buying and selling experience."
Yocum Realty, which has been owned by Tim Stanford since 2002, has 26 agents serving west central Ohio. Stanford will continue in his current role and has been named vice president of real estate services at Superior CU.
"I have worked with Superior for years and always felt they shared Yocum's commitment to outstanding service," said Stanford. "When we started discussing this opportunity with Superior, they really had a vision of how we could fit into the bigger Superior picture and provide even more value to buyers and sellers."
Kurt Neeper, senior vice president at Superior Financial Solutions, explained that several credit unions nationally have incorporated this business model "with great success."
"With real estate, mortgage, title, and insurance services, we can now serve a buyer from beginning to end and dramatically simplify the real estate process," Neeper added.
Michael Bell, an attorney and counselor with Howard & Howard, a legal firm based in Royal Oak, Mich., that represented Superior CU on this deal, told Credit Union Journal his firm is working with Superior CU to "generate and complete additional acquisitions."
Bell commented that a credit union buying a real estate brokerage firm is not "overly common."
"It's a unique piece of a strategic non-organic growth plan," he added.
