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ShareBuilder: Post Acquisition CU Alliances Here to Stay

BELLEVUE, Wash. -- Even though the number of credit unions served by ShareBuilder Corp. has declined since being acquired by ING DIRECT, the online brokerage firm is reassuring the industry that alliances are here to stay.

By Michelle A. Samaad | Updated on December 15, 2008

BELLEVUE, Wash. — Even though the number of credit unions served by ShareBuilder Corp. has declined since being acquired by ING DIRECT, the online brokerage firm is reassuring the industry that alliances are here to stay.

ShareBuilder was bought by ING DIRECT in November 2007 for $220 million. Back then, roughly 125 CUs were clients of ShareBuilder, known for its automatic investment plans. Today, those numbers have dropped to roughly 50, according to Kathy Schanno, a spokeswoman for ShareBuilder from ING DIRECT. Some chose not to continue on as clients while others were not comfortable doing business with a bank, Schanno said.

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