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Seven Credit Unions Latest Pennsylvanians to Form Business Lending CUSO

PHILADELPHIA --Pennsylvania has quickly become a launching pad for business lending credit union service organizations. This time, seven credit unions here recently joined forces to create Member Business Financial Services LLC.

By Michelle A. Samaad | Updated on May 20, 2008

PHILADELPHIA –Pennsylvania has quickly become a launching pad for business lending credit union service organizations. This time, seven credit unions here recently joined forces to create Member Business Financial Services LLC.

Opened for business in early April, the CUSO is owned by American Heritage FCU, People First FCU, Choice One Community FCU, Service 1st FCU, Eagle One FCU, Keystone FCU and Viriva Community CU. In addition to participation loans, loan processing, underwriting and servicing, Member Business Financial Services will train credit unions on the business depository side, said Bruce Foulke, president/CEO of American Heritage. Loans in the $150,000 to $250,000 range will be the target spot for Member Business Financial Services.

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