Deal Between Chicago-Based CU & Design Firm Creates New CUSO

Chicago Patrolmen’s Federal Credit Union acquired a minority stake in the design and building firm Structure First, Ltd. on Thursday. The new partnership structure means Structure First will become the first and only Owner’s Representative CUSO in the country that serves financial institutions with building projects.

According to details of the announcement, Chicago Patrolmen’s ($508 million in assets, more than 38,000 members) minority stake in Structure First will allow the firm to serve as a CUSO effective immediately, with a primary focus on credit unions and banks located in the Midwest and Southern United States with assets of up to $5 billion .

“As the first and only Owner’s Representative CUSO serving financial institutions, Structure First is now poised to expand coast-to-coast while still maintaining its niche industry foothold and hands-on approach as a program manager in the design, bid and build of headquarters, branches and branch transformations,” the announcement said.

To date, Structure First has served more than 50 financial institutions since its inception in 2011.

“Community financial institutions need to be able to compete with larger national competitors to provide the right member/customer experience that fits their market, brand and operations. Our cost-effective approach allows them to explore different delivery models and create spaces that are completed on time and on budget,” Neil Kool, principal/CEO of Structure First, said.

Chicago Patrolmen’s CEO Scott Arney said, “We know, first-hand, the amount of time, energy and soft costs that go into projects of this nature. If a credit union is contemplating any growth or changes in their facilities, the Structure First model will be their most valuable resource from start to finish.”

The announcement did not specify the amount paid by the credit union to acquire the minority stake in Structure First.