Aiming to Set Itself Apart, MEMBERS Business Solutions Co. Changes Name Back to CU BizSource

MADISON, Wis. – Citing difficulty with differentiating itself from other similarly-named firms, MEMBERS Business Solutions Co. LLC has changed its moniker back to its original name – CU BizSource. The Allentown, Pa.-based CU BizSource was the company’s initial name when it was spun off from the Pennsylvania Credit Union Association on Sept. 1, 2004 by MEMBERS Business Solutions. The company has also named Philip M. McGoohan as its first president and CEO. McGoohan comes to CU BizSource with more than 25 years of management experience in commercial lending and investment banking. He was most recently president and principal of Anderson/Roethle, Inc., a Milwaukee-based merger and acquisition advisory firm. McGoohan also spent 17 years in various senior management positions at Marshall & Ilsley Bank. As for the name change, it was prompted by the prevalence of other organizations in the marketplace with similar names, said McGoohan. “It became difficult to differentiate among them,” he said. “We felt switching back to CU BizSource was the right choice. It’s unique, plus it has name recognition.” The initial focus of CU BizSource is to facilitate a secondary market for credit union member business loans. The company will use the secondary market to promote best practices in business loan underwriting and provide additional liquidity and risk management alternatives. Plans also include for the firm to become a broadly-owned credit union organization and expand into other areas that support credit union member business services, said McGoohan. Currently, CU BizSource serves credit unions in Pennsylvania and three other states with underwriting consultation, document preparation, loan servicing and a variety of training, regulatory and administrative support. Among those plans are to combine its expertise with CU System Funds, a new private investment fund created in March by CUNA Mutual Group. Credit unions certified by CU BizSource are eligible to sell member business loans to the new fund, which is in a pilot stage. According to McGoohan, sales to the fund benefit credit unions by freeing up needed liquidity and reducing credit risk, while allowing them to maintain member relationships by continuing to service their loans. -