COLUMBUS, Ohio – The SimpliCD sale is complete. SimpliCD is the brokered CD program run by a CUSO of Corporate One FCU, Primary Financial LLC. Corporate One decided to sell the very popular CD product to Corporate Exchange, a new CUSO consisting of 28 corporates started this year to bring a brokered CD product to market. Currently, SimpliCD outstandings are approximately $3.3 billion. Rather than start from scratch, Corporate Exchange courted Corporate One for its SimpliCD product. Under the new ownership agreement, SimpliCD will be offered nationwide by 29 corporate credit unions, with Corporate One continuing to administer the program for at least three years. Another off-shoot of the deal is Corporate Exchange has decided to change its name to Primary Financial Company LLC, the name of the CUSO formerly owned by Corporate One. "The sale of SimpliCD is really a testament to the willingness of the corporate network to work together," said Lee Butke, president and CEO of Corporate One. "So much is made of corporate competition, but clearly we can and do cooperate when it's in the best interest of our members," said Butke, who has always advocated that corporate competition is good for credit unions, but cooperation clearly made sense with this deal. Butke said from day one the goal of CorporateOne was to get SimpliCD into as many credit unions as it could, and getting 29 corporate co-agents probably would have been impossible if Corporate One kept the SimpliCD program under its roof. Prior to this deal, there were 16 corporate co-agents of SimpliCD, making it one of the most successful cooperatively marketed products in the corporate network. "We're very excited about getting down to the business of helping our new corporate partners make the SimpliCD program an even greater success and helping even more credit unions maximize their yield," said Butke. SimpliCD invests credit union funds in federally insured CDs from nationwide issuers, monitoring all transactions and paying one monthly interest distribution for the entire portfolio. According to corporate leaders, the product is successful for many reasons, but convenience is one of the biggest. SimpliCD monitors each account in the member's portfolio, providing comprehensive reports of all holdings, settlement dates, rates, and monthly interest. SimpliCD also helps credit unions generate funds through CD issuance. "Corporate Exchange owners were cognizant of the program's success and overall value; the board is very pleased to be able to execute a deal that will bring SimpliCD to credit unions throughout the entire country," said Greg Moore, president/CEO of Georgia Central Credit Union and chairman of Primary Financial. A number of corporate CEOs said Moore was instrumental in pulling the deal off so smoothly. [email protected]