Billion-Dollar Credit Unions in Massachusetts & Arizona Join CUSOs

Two billion-dollar credit union in Massachusetts and Arizona have joined CUSOs to advance their sustainable growth goals.

The $1.6 billion Greylock Federal Credit Union in Pittsfield, Mass., has joined Member Support Services LLC, (MMS), the Cranberry N.J.-based shared services CUSO and the $3 billion Vantage West Credit Union in Tucson, Ariz., has partnered with Capital Markets CUSO Rhyze Solutions in Wilmington, Del.

Greylock, which serves more than 103,000 members, is the largest financial cooperative to join MSS since it was formed in 2013 to deliver middle and back-office operational efficiencies and cost savings through economies of scale and standardization, as well as collective bargaining power to score better deals with vendors.

Greylock will join MSS members, including the $448 million Credit Union of New Jersey in Ewing and the $337 million United Teletech Financial Federal Credit Union in Tinton Falls, N.J.

“By joining MSS, we’re strengthening our ability to address the unique needs of our members while preserving our independence,” Greylock President/CEO John Bissell said in a prepared statement. “This collaborative model empowers us to innovate and improve our efficiency, ensuring we continue to deliver exceptional value and support to our members as we grow.”

According to MSS, its member credit unions have reduced efficiency ratios by 20 to 30 basis points and expects these efficiencies to improve now that Greylock is part of its network.

MSS said in a prepared statement that over the next few years, its goal is to reach $8 billion to $10 billion in assets under service.

Capital markets CUSO Rhyze Solutions was co-founded in partnership with the $5.1 billion Everwise Credit Union in South Bend, Ind., and Allied Solutions in Carmel, Ind., which delivers a variety of loan and liquidity solutions, built with a six-pillar focus: Multi-asset-class, end-to-end, modular, accredited and federated, investment grade and credit union native.

“We are excited to partner with the team at Rhyze, as the CUSO’s capital markets solutions will help us attain our strategic goals,” Vantage West President/CEO Sandra Sagehorn-Elliott said in a prepared statement. “Investing in capital markets capabilities is important for credit unions, as has been highlighted recently during the rapidly changing rate environment.”

Vantage West serves more than 191,000 members.

To date, Rhyze has been primarily focused on delivering solutions in the commercial real estate asset class, with a portfolio under management that will soon exceed $200 million. In less than a year since its launch, the CUSO has built a network of credit union partners with total asset sizes ranging from less than $500 million to more than $25 billion.

Rhyze CEO Syd Libsack said the addition of Vantage West is a milestone moment in the CUSO’s growth journey, adding support in all six of the company’s pillars.