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STCU CREDIT UNION Joins CUBC to Introduce Business Services
(Springfield, Mass and Miramar, FL) – STCU Credit Union has joined with CU Business Capital (CUBC) in providing a full range of business services. With the announcement, STCU Credit Union becomes an equity investor of CU Business Capital, LLC (CUBC), a business services CUSO (Credit Union Service Organization).
STCU Credit Union and CUBC have designed programs that will allow STCU Credit Union to offer complete business services programs that include:
- Business Loans/Leases & Participations
- Business Deposit Products
- Business Checking
- Business Certificate and Money Market Accounts
- Business On-Line E-Banking
- Business Debit Cards
- Payment Solutions
- Merchant Services
- Consulting and on-going training
STCU Credit Union is a community chartered credit union established October 5, 1929. Today it serves those individuals who live or work in Hampden, Hampshire or Franklin counties. In addition, STCU Credit Union continues to serve the employees of the Springfield Public Schools, American International College, Springfield Technical Community College, Minnechaug Regional High School and the Massachusetts Career Development Institute along with the retirees and their families. In addition it has approximately 11,000 members and more than $87 million in assets.
“STCU Credit Union is embracing Business Services as a new growth opportunity for the credit union, its members and the community. Joining a CUSO was the ideal method for STCU Credit Union to harness the expertise and experience necessary to deliver the quality products and high level of service that our members have become accustomed to. CUBC was the only CUSO that we found with the vision and ability to help STCU Credit Union achieve its goals.” said Gary Fishlock, President and CEO of STCU Credit Union.
STCU Credit Union will become a Tier II equity partner of CUBC entitling STCU Credit Union to pricing discounts on CUBC services and patronage as indicated by CUBC board of directors.
“Adding STCU Credit Union as a partner helps CUBC fulfill its mission of ACCELERATING MEMBERSHIP AND ASSET GTOWTH for our credit union partners,” said Bert Bryan, President of CU Business Capital, LLC. “Including a complete suite of business services to their product line will place STCU Credit Union in a unique position in the Pioneer Valley area to increase market share and membership. STCU Credit Union’s mission is clear and CUBC is honored to play a supporting role.”
This partnership represents another significant step for CUBC’s strategy of enabling credit unions to focus not only on business lending, but also on business deposits and related services as core products. Businesses, associations and other organizations in the Pioneer Valley area will benefit from this full-service, credit union approach for business banking services.
About CU Business Capital, LLC
CUBC is a national CUSO focused on helping credit unions offer a full suite of business services, business deposits, cash management, and business lending. These services are supported with "best-in-class" technology, operational procedures, training, and policies. Its staff is comprised of experienced business lending and cash management professionals, who work with leading industry vendors as strategic partners. CUBC's approach incorporates existing core systems in making decisions to offer business services. See their web site at www.cubusinesscapital.com
About PARAGON
On October 5, 1929, the Springfield Teachers Credit Union received a Certificate of incorporation from the Commissioner of Banks and the Secretary of State. Mr. Phillip Fox the first president of the newly formed credit union operated the financial institution out of a class room in the High School of Commerce for many years until the operation was moved to a small store front at 427 State Street. The building, opposite the Springfield Armory, was purchased in 1960 and the Credit Union remained at this location for almost thirty-years.
With membership growth, additional services and to provide greater convenience for members, the construction on a new office with drive-up facilities was planned in the mid-eighties and in August of 1989, the Springfield Teachers’ Credit Union opened its doors at its present location, 145 Industry Avenue in Springfield. Mr. Anthony Serafino served as Treasurer of the institution for more than 40 years and in 1996 the Springfield building was dedicated in his name. www.stcu.com.
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