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SAFE CU converts financial services program to XCU Capital

CARLSBAD, Calif. - SAFE Credit Union is the first of nine new XCU Capital owners to convert its financial services program to XCU Capital. XCU Capital is a credit union-owned broker dealer that started as a CUSO owned solely by Xerox FCU. SAFE's CUSO, SAFE Financial Network Investment Corporation, has...

By Staff Writer | Updated on June 18, 2002

<p>CARLSBAD, Calif. – SAFE Credit Union is the first of nine new XCU Capital owners to convert its financial services program to XCU Capital. XCU Capital is a credit union-owned broker dealer that started as a CUSO owned solely by Xerox FCU. SAFE’s CUSO, SAFE Financial Network Investment Corporation, has converted 4,500 member clients and $107 million in assets to XCU Capital. SAFE like the other CUs involved with XCU Capital is a member owner/customer of XCU Capital. The only CU that is an owner, but likely won’t be a customer is WesCorp, which is the only corporate CU investor in XCU Capital. WesCorp has said it’s interested in becoming a manufacturer of proprietary mutual funds for the company. In early 2001 eight natural person CUs and WesCorp invested $250,000 each to purchase a 60% ownership in XCU Capital. Despite years of talk for the need of a CU-owned broker-dealer, XCU Capital is still the only 100% CU-owned broker/dealer.</p>

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