Press
Business Partners, LLC Makes Waves Under New Ownership
CUSO enhances their financial structure and operational efficiency
CHATSWORTH, CA (April 23, 2013) – With new leadership, Business Partners, LLC, (BP) a full-service, member business lending Credit Union Service Organization (CUSO), reports financial strength and operational enhancements during the first quarter. Business Partners officials note the CUSO as being profitable for the first three months of the year, citing reduction in overhead expenses as the largest contributing factor.
BP’s management team, led by acting CEO Loren Houchen, along with the new principal owners, Farmers Insurance Group Federal Credit Union (FIGFCU), Great Lakes Credit Union (GLCU), and Public Service Credit Union (PSCU) have improved operational efficiencies and profitability. Last year the National Credit Union Administration (NCUA), which took control of Business Partners as the liquidating agent of Telesis Community Credit Union, sold its controlling interest to the three.
According to officials, the organization analyzed multiple areas to cut costs. “In many ways, Business Partners is redefining itself by getting back to basics. We have a very strong capital position so we can reinvest in the business by making improvements in technology, while at the same time making significant improvements to our balance sheet by reducing expenses. This allows us to focus more on expanding our participation levels and commercial real estate lending services for credit unions,” says Dave Maus, CEO of PSCU and Chairman of the BP Board.
“Additional moves included the formation of a credit review committee, consisting of the Chief Lending Officers from the primary owner-credit unions. Their main responsibility is to ensure that each loan originated through Business Partners meets particular lending criteria. “Every loan is reviewed to ensure risk tolerance levels comply with our guidelines, which provides our participants with an extra layer of support in their underwriting process,” adds Maus.
Business Partners is the largest commercial real estate lending CUSO serving 40 states and over 150 financial institutions nationwide.
For further information, please contact Mark Herter, CEO, Farmers Insurance Group Federal Credit Union at (323) 209-6000, or mherter@figfcu.org.
For more information on Business Partners, visit www.businesspartnersllc.com.
For more information on the three primary credit union owners, please visit their websites below.
Farmers Insurance Group Federal Credit Union www.figfcu.com
Great Lakes Credit Union www.glcu.org
Public Service Credit Union www.pscu.org