With IH Mississippi Valley Credit Union and LGE Community Credit Union, MEMBERS Development Company adds eight to its ownership roll
COLUMBUS, OH (March 17, 2017) — MEMBERS Development Company recently welcomed IH Mississippi Valley Credit Union ($1.087 billion, Moline, Ill.) and LGE Community Credit Union ($1.166 billion, Marietta, Ga.), bringing the total of new owners to eight in the last 12 months.
Also added in 2016 were Anheuser-Busch Employees’ Credit Union ($1.6 billion, St. Louis, Mo.), Catalyst Corporate Federal Credit Union ($2.6 billion, Plano, Texas), CU Direct (Ontario, Calif., which has funded more than $186 billion in loans), Tropical Financial Credit Union ($654.7 million, Pembroke Pines, Fla.), Tulsa Federal Credit Union ($715 million, Tulsa, Okla.) and Workers Credit Union ($1.5 billion, Fitchburg, Mass.).
According to Jeff Kline, MDC’s Chief Executive Officer, the CUSO lives out the power of collaboration by providing owners benefits that couldn’t be realized working individually. Together, the owners use their resources to focus on research and development driven by owner credit unions for the benefit of owner credit unions.
“We bring the latest research and education on leading technology solutions to solve real-world problems credit unions and their industry partners face,” Kline said. “Collaboration ensures that our owners and MDC can perform the R&D, testing and implementation of key initiatives. Even though our owners represent top-tier credit unions, a single organization would be hard-pressed to find the time or financial resources to fund and manage these projects.”
Recent initiatives have focused on analyzing the member experience for clues to increasing loyalty and satisfaction; personalizing the onboarding process; and researching new technology to create apps that delight members, such as tracking their progress through a mortgage loan approval.
“Our goal is to help credit unions grow, pure and simple,” said Kline. “To do that, we must always be looking for better ways to cut costs, improve member service and provide value. MDC does this by working with forward-thinking credit unions to solve challenges and business issues together.”
Kline says MDC and its owners have seen benefits like decreased costs from streamlined processes, a strong team of owners whose talented staff members comprise an Innovation Council, and opportunities to network with peers and industry experts. In turn, credit unions gain a major competitive advantage against larger financial institutions and FinTech startups.
About MEMBERS Development Company
MDC is the credit union network’s multi-million-dollar R&D department. We scan the horizon, research the issues, and create actionable solutions to solve problems for today –and tomorrow. By pooling the resources of 83 credit union and CUSO owners, MDC is able to deliver meaningful solutions efficiently and affordably. We learn the lessons of what does and doesn’t work —without exhausting our owners budgets and resources for exploration and development. We also believe that our research must be driven by our owners, for our owners. While we do the heavy lifting, our credit union and CUSO owners both advise and participate in the work not just as investors, but as trusted partners.