MEMBERS Development Company added eight new credit union owners in recent months, bringing the CUSO’s total ownership to 60 CUs. And, leaders noted, it’s unlikely to add many more owners.
The eight latest additions comprise:
- Desert Financial Credit Union of Phoenix ($4.3 billion in assets)
- Elevations Credit Union of Boulder, Colo. ($2 billion)
- Lake Michigan Credit Union of Grand Rapids, Mich. ($5.5 billion)
- Neighbors Federal Credit Union of Baton Rouge ($800 million)
- Nusenda Credit Union of Albuquerque, N.M. ($2 billion)
- TwinStar Credit Union of Olympia, Wash. ($1.3 billion)
- Unify Financial Credit Union of Los Angeles ($2.8 billion)
- University Credit Union of Los Angeles ($644.4 million).
“It’s exciting to see so many top-tier credit unions join with us because it adds fresh perspectives and opportunities to expand our shared initiatives,” MDC CEO Jeff Kline said in a statement. “At the same time, we’re also mindful that growth can bring challenges, such as making sure all voices are heard. The board and management are committed to taking a measured and strategic approach to adding new owners, ensuring that we can focus on projects that bring the greatest benefits to our owners and their members.”
As such, as part of its growth strategy, Kline said MDC will be setting “an upper limit” on ownership in October, thereby keeping the company “nimble and responsive enough” to make sure that MDC is delivering on the needs of its owners as a “cohesive group.”
Sarah Lietz, MDC’s vice president of owner engagement, stated that “creating new approaches to meet the convenience demands of tech-savvy members” is expensive and time-consuming to tackle alone.
“MDC owners share resources like staff expertise, time and financial investment, to bring about the best solutions collaboratively,” she added. “At our February owner meeting, four of the five Innovation Council projects presented were given the go-ahead.”
Lietz also said another reason for credit unions joining MDC is the “company’s focus on keeping owners in touch with new fintech trends, as well as innovations in the broader technology sector.”