Corporate Central Now Federally-Insured; Holding Open House in Minnesota as Mid-States Responds

HALES CORNER, Wis. and WARRENVILLE, Ill- Corporate Central CU and Mid-States Corporate FCU continue their competitive dance. The two corporates recently made moves in each other’s states. Much of this newfound competition stems from when Corporate Central CU last year announced plans to more aggressively market to Minnesota CUs and even open a business development office in Minnesota, which it has done. Corporate Central unveiled these plans shortly after Mid-States announced merger plans with Minnesota Corporate FCU. Mid-States Corporate FCU President/CEO Dave Preter responded by saying Mid-States Board’s position is to return aggression if “aggressed upon” by another corporate. The talk of marketing in each other’s states has led to recent moves in that direction by each corporate. Corporate Central CU held an open house in its newly-opened Minnesota office on April 21. Corporate Central opened a service center headquarters inside NWA FCU in Bloomington, Minn. At the open house Minnesota CUs were able to learn more about Corporate Central’s products and services. Proving turnaround is fair play Mid-States Corporate FCU has hired John Garey as its Director of Business Development for Wisconsin. Garey served in several positions with CUNA Mutual Group prior to joining Mid-States. Garey, a resident of Madison, will work out of an office in the Madison area. In related news, Corporate Central is now federally-insured. Corporate Central was just one of a few corporates without federal insurance. It became an issue when Corporate Central attempted to open its Minnesota office. The regulator there said it needed to have federal insurance to operate an office in the state. It was a sticking point the two sides were working out. According to Bob Fouch, Corporate Central CU’s EVP, the move to federal insurance was not directly connected to the Minnesota office. Fouch said Corporate Central received approval from the regulator prior to applying for federal insurance. [email protected]