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PARAGON FEDERAL Joins CUBC to Introduce Business Services
(Montvale, NJ and Miramar, FL) – PARAGON FEDERAL (PARAGON) has joined with CU Business Capital (CUBC) in providing a full range of business services. With the announcement, PARAGON becomes an equity investor of CU Business Capital, LLC (CUBC), a business services CUSO (Credit Union Service Organization).
PARAGON and CUBC have designed programs that will allow PARAGON 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
PARAGON has been providing personal financial services to its members since 1936. Paragon began over half a century ago on May 11, 1936, with assets of $143 and a membership of seven. Today, Paragon is one of the largest credit unions in New Jersey with 60,000 members. Paragon is a member owned, full-service financial institution that provides a full range of no or low-cost products and services. In addition, our Community Charter allows us to serve members based on where they live, work, worship, or attend school.
"PARAGON has made a decision to provide the highest level of products and services available to the business community. We find the credit union in a unique position to add Business Services for our Select Employee Groups (SEGs) and expand these offerings to other businesses, associations and organizations that are looking for the service and stability that PARAGON has provided for the past 70 years. Joining a CUSO was the ideal method for PARAGON 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 PARAGON achieve its goals." said Richard Rays, President and CEO of PARAGON.
PARAGON will become a Tier II equity partner of CUBC entitling PARAGON to pricing discounts on CUBC services and patronage as indicated by CUBC board of directors.
"Adding PARAGON as a partner helps CUBC expand our plan for the New York metro and surrounding areas. Our unique Business Services program will help Paragon fulfill its mission of ACCELERATING MEMBERSHIP AND ASSET GROWTH," said Bert Bryan, President of CU Business Capital, and LLC. "Including a complete suite of business services to their product line will place PARAGON in a unique position to increase market share and membership. Paragon'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 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
Paragon Federal, founded in 1936, has 60,000 members and assets approaching $400 million. Paragon Federal is a not-for-profit financial cooperative, which returns earnings back to its members in the form of higher dividend rates on savings and investment accounts, lower interest rates on loans, and reduced or no-fee products and services. All funds are Federally Insured up to $100,000 by the NCUA. For more information, visit www.paragonfcu.org or call 1-800-222-8877.
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