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NE PA Community Federal Credit Union Chooses CUSO Financial Services to Start-up Investment Program
NE PA Community Federal Credit Union Chooses CUSO Financial Services to Start-up Investment Program
SAN DIEGO, CA (July 30, 2013) — CUSO Financial Services, L.P. (CFS), a full-service broker dealer and SEC Registered Investment Adviser that provides customized investment and insurance solutions to credit unions, has been chosen by NE PA Community Federal Credit Union (NE PA FCU) to develop a managed investment program for its credit union members. NE PA Community Federal Credit Union is a community-based credit union that has been operating in the Pocono Mountain area of Stroudsburg, Pennsylvania since 1960 but has never before offered investment advice to its members.
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NE PA CFCU worked with a consultant and strategic advisor to assess offering opportunities that would serve members well by providing alternative investment options as the economy improves. Management chose a managed investment program model from CFS because it offered a turnkey solution that was well-managed and offered full compliance oversight. In a managed program model, investment advisors are employed and managed by CFS, minimizing personnel requirements and start-up costs for the credit union.
“As a 53-year-old credit union, we have close relationships with many of our members who have done their banking with us for many years. It is important to us to continue our efforts to offer a full range of services to meet our members’ financial needs,” said Mark Filbert, president/CEO of NE PA FCU. “We chose CFS because it has an excellent reputation in the investment industry and a clear understanding of the unique characteristics of credit unions. Our start-up experience has been great and our program has been well-received by members who have participated. We are looking forward to growing the program as a core product offering and want our members to view the program as a trusted extension of the services they currently receive.”
NE PA FCU was founded in 1960 as a school employees credit union, working with multiple school districts and a university in the area. In 1986 it merged with a credit union that served employees of a pharmaceutical company that was subsequently merged into Sanofi Pasteur, a leading vaccine manufacturer. It now retains a community charter but still has a majority of members from the educational and pharma industries. It holds over $100 million in assets and has more than 12,000 members.
“NE PA management recognizes that investment programs are an excellent way to serve members’ needs while also adding to the bottom line and retaining members of the credit union,” said Valorie Seyfert, CFS president and CEO. “We welcome the opportunity to assist them in their growth.”
About CUSO Financial Services, L.P.
Established in 1997, CUSO Financial Services, L.P. (Member FINRA/SIPC) is headquartered in San Diego. With branch offices located nationwide, CFS is a full-service broker/dealer and SEC Registered Investment Adviser offering customized investment and insurance solutions to credit unions. For more information, call 858-530-4400 or visit www.cusonet.com.