Texas Dow Employees Credit Union, a $1.7 billion institution, has announced that it has selected Columbus, Ohio-based Corporate One as its corporate credit union.
This came after extensive due diligence, said TDECU CFO Rhonda Kleinecke, who indicated that in the mix were Southwest Bridge (that is, Catalyst, the new entity expected to emerge from a Southwest Bridge–George Corporate tie-up), United Resources (nee Western Bridge), and a medley of alternatives such as Wells Fargo.
"We have decided that Corporate One will be our only corporate," said Kleinecke in a telephone interview.
"Their philosophy suits us. They focus on risk mitigation and they protect their members," said Kleinecke.
She pointed out that TDECU sustained substantial losses as a result of its prior memberships in Southwest and WesCorp.
Particularly appealing to TDECU, said Kleinecke, was Corporate One's relatively modest capitalization requirement of $900,000. She also said TDECU was pleased with Corporate One's offer of a $100 million line of credit.
Ed Speed, CEO of TDECU, added that "we wanted to support a corporate credit union because as an institution we believe in the corporate credit union system."
The Lake Jackson, Texas-based TDECU said it will use Corporate One for investment options, credit lines and settlement services, in addition to some correspondent services.
In a prepared statement, Lee Butke, president and CEO of Corporate One, said: "We're extremely excited that TDECU has selected Corporate One to be its new corporate credit union partner. Having personally met with their senior team, I'm humbled that they chose us to build a new corporate relationship. TDECU knows it's all about the members they serve, and I am confident we can help them continue their long-standing tradition of superior service coupled with providing a solid return back to their member/owners."
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