FOR IMMEDIATE RELEASE
Media Contact: Sharon Simpson
email@example.com (240) 620-4095
TREVOSE, PA (December 17, 2019) - Member Business Financial Services (MBFS) recently welcomed four new owners, expanding its ownership group to a total of 13 credit unions. The new owners are Century Heritage Federal Credit Union (West Mifflin, PA), West-Aircomm Federal Credit Union (Beaver, PA), Launch Federal Credit Union (Merritt Island, FL) and Sun East Federal Credit Union (Aston, PA).
MBFS was formed in 2008 with a headquarters in Bucks County, PA as a Credit Union Service Organization (CUSO). The CUSO provides credit, loan documentation, and loan servicing for business purpose loans, in addition to other member business lending solutions. MBFS currently serves over 70 credit unions and services a business loan portfolio of $850 million through a largely remote workforce supporting the multiple markets it serves. "This is a significant expansion for MBFS and we're pleased to welcome these four new credit unions as owners," said Mark Ritter, Chief Executive Officer of MBFS.
Launch Federal Credit Union is the CUSO's first owner in the southern states and is a result of its partnership with the League of Southeastern Credit Unions and their affiliate, Leverage. "Over the past year, MBFS has signed up ten credit unions in the states covered by Leverage and we look forward to continuing to expand our presence in the southeast United States," added Ritter.
Credit unions can take advantage of the Relationship Manager program MBFS provides, which allows institutions to share the cost of an in-market origination team. MBFS also offers a la carte services to credit unions with no annual fees or retainers for utilizing the CUSO’s services.
Member Business Financial Services, LLC (MBFS) assists credit unions in funding business loans within their market. The CUSO provides loan servicing, portfolio management services, loan underwriting, coordination of loan participations, and preparation of loan documents. MBFS has grown to serve over 70 credit unions and services more than $850 million in business loans. Learn more at www.mbfs.org.
ADDITIONAL QUOTES FROM THE FOUR NEW OWNERS
"MBFS was formed to help credit unions meet their members' business financing needs in a cost-effective manner. Expanding our ownership base will allow the CUSO to continue investing in new technologies and provide greater economies of scale through a larger network. I am particularly excited about Launch FCU joining MBFS. This is the first MBFS owner outside of our traditional core area, and we look forward to the opportunities we can provide each other." Bruce Foulke, MBFS Chairman & CEO of American Heritage Federal Credit Union
"I first met MBFS last year at a conference in Orlando and at the time we were looking for opportunities to fill our members' unmet needs. Offering business services and loans was first on our list as many of our members already have investment properties or are affiliated with a business. Partnering with MBFS is a great way for Launch FCU to offer these services at a low cost and with a quick ramp up time." Joseph Mirachi, CEO of Launch Federal Credit Union
"West-Aircomm has been working with MBFS and its predecessor, Keystone Business Lending Services, for many years. We are proud to join MBFS as an owner as it continues to be a crucial service provider to help us support our community. West-Aircomm participates in the Relationship Manager program through MBFS, which has helped us offer business loans to our members in a cost-effective manner." Lynn Stephenson, CEO of West-Aircomm Federal Credit Union
"We have worked with MBFS for several years and are proud to strengthen the relationship by becoming an owner of the CUSO. MBFS has invested heavily in technology over the past few years and has systems in place that are impractical to buy or build for a medium-sized credit union. I am looking forward to contributing to this growing organization." Vincent Cerasuolo, CEO of Century Heritage Federal Credit Union
"Sun East has a history of collaborating with many of the other credit union owners of MBFS. Therefore, it was a natural fit for us to become an owner. During the two years we have offered business services to our members through MBFS, we have found the CUSO to be a highly consultative organization. MBFS has helped us effectively navigate business services without making a large investment in fixed assets." Michael Kaczenski, CEO of Sun East Federal Credit Union