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Corporates CUSO had blockbuster year in 2008
WESTERVILLE, Ohio (5/27/09)--A credit union service organization (CUSO) owned by 27 corporate credit unions announced it had a banner year during 2008, with almost $9 billion in brokered certificates of deposit (CD) placements. Primary Financial Co. LLC-- which has offices in Westerville, Ohio, and Columbus, Ind.--said it reached net income of almost $4 million, and that the corporate credit union owners earned fees and distribution payments of more than $8 million. "The numbers reflect not only a great year for the CUSO, but a great year for our issuers and investors as well," said Lew Lambert, president of Minnesota Operations for Members United FCU and chairman of Primary Financial's board. "Last year, Primary Financial helped credit unions generate $650 million in liquidity and helped investors earn more than $215 million in yield" at a time when many credit unions "need it most," Lambert added. Mark Solomon, president/CEO of Primary Financial, noted a significant milestone occurred when the total number of credit unions doing business with SimpliCD program reached 4,000 during second half of 2008. "We now have relationships with more than 50% of the credit unions in the U.S. and more than 40% of all credit unions have investments in the SimpliCD program," Solomon said. Primary Financial's 2008 annual report can be viewed by using the resource link.
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