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CU System
Corporates Members Health Network ceases operations
WARRENVILLE, Ill. (4/30/09)--Members Health Network, a stand-alone subsidiary of Members United Corporate FCU, ceased operations as of Monday, the corporate announced on its website. The action has no significant impact on the corporate and does not affect the corporate's ability to serve its member credit unions, the corporate said. Members Health was launched in June 2007 to help credit unions attract Health Savings Accounts to their balance sheets. "Unfortunately, many start-up companies fail to attract enough business during their formative periods," said the corporate. "Oftentimes, market conditions change significantly, causing the best business plans to fail. That was the case for Members Health Network." In February, the corporate said it would not contribute new capital to the subsidiary but would seek credit union ownership to attract member involvement and new capital. However, the subsidiary was unsuccessful in gaining supporters, which the corporate said "is understandable given the costs surrounding the corporate stabilization plan and the uncertainties of a weakened economy." Members Health Network operated as a separate company from the corporate.
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