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30 CUs may now join new CU-owned Colorado trust firm

DENVER - As many as 30 Colorado credit unions could join that new credit union-owned trust company, organized by the Colorado Credit Union League, according to League officials. Douglas Burke, League senior vice president of network services, said "it may not be until the summer of 2002" until other CUs...

By Staff Writer | Updated on September 11, 2001

DENVER – As many as 30 Colorado credit unions could join that new credit union-owned trust company, organized by the Colorado Credit Union League, according to League officials. Douglas Burke, League senior vice president of network services, said “it may not be until the summer of 2002″ until other CUs join Members Trust Co., chartered Aug. 16 by six Colorado CUs led by Bellco Credit Union and Public Services Credit Union, both of Denver. It was uncertain how many of the 30 would actually invest in the Members Trust, a CUSO, said Burke, noting that some CUs “may not have the capital” to participate directly. Thomas N. Evers, president of the $192 million Premier Members Federal Credit Union, Boulder, and one of the six charter founders of Members Trust, said informal solicitations have already gone out to other Colorado CUs to buy shares in Members Trust. “We’ve been getting great feedback,” declared Evers who said many CU members of a successful League-backed indirect lending program, called Credit Union Indirect Association will likely join Members Trust. “We have 52 members of that, and I’m hoping we get a majority of those in Members Trust once we get the marketing going.” Members Trust, capitalized at $2.7 million, is slated to open its first three offices in Denver, Colorado Springs and Boulder late next month or in November.

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