ST. LOUIS — Lutheran Federal Credit Union here recently began operations after years of planning, and the start-up CU is using Share One's core processing technology known as NewSolutions.
Share One, Inc., a CUSO based in Memphis, Tenn., is a developer of credit union core processing and serves a client base of credit unions with assets ranging from $10 million to $1.5 billion.
Share One said it provided technical support, training and "many useful tools" to Lutheran Federal, which currently lists just $75,008 in assets. Share One said it will help the credit union establish a "full collection of highly competitive financial offerings," including: traditional savings and checking accounts; home and mobile banking; secured and unsecured loans, mortgages, customized website, real-time debit/ATM cards and an in-house credit card program.
In Lutheran Federal's first year of service, it will offer NewSolutions' application-style tools, NSJoin and NSLoan, which the CUSO says will allow members to open accounts and establish loans with home computers, tablets, and smart phones. Share One said it will continue to help the credit union in the future with additional products and services as it expands its membership and asset size.
Lutheran FCU was chartered to serve the members and ministries of the Lutheran Church-Missouri Synod, which was established in the United States in 1847. It consists of more than 6,000 congregations that operate approximately 850 elementary schools. It also operates two seminaries and is active in world missions in 90 countries.
Tom Buuck, who led the chartering initiative, recently was appointed CEO.
"We are excited to get this charter launched and are thrilled to have Share One's NewSolutions as our backbone," Buuck said in a statement. "I have had the opportunity to start up several financial product/service endeavors, so I have seen the good and bad in vendor execution. Share One has demonstrated unequivocally in word and deed that it is a top-notch provider. Our field of membership spans approximately 3 million people in 50 states. It is imperative that we deliver an online and mobile experience wherein all our members' needs are met. We feel we can deliver that with Share One."
Laurie Vaughn, senior sales representative of Share One, said, "We have had the pleasure of watching this credit union take shape and because of its passion to offer affordable and competitive financial services, Lutheran Federal Credit Union will be successful. We are so proud to support their endeavor."