Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
U-Haul's Parent Company Taps CUs For Part Of $100M Loan
AUSTIN, Texas (12/5/13)--Large companies tend to look toward large financial institutions to handle their lending needs. But U-Haul, under its parent company AMERCO, recently turned to credit unions and other community financial institutions for a $100 million loan.
 
Of those 23 financial institutions, four credit unions were part of the corporate financing that was guided by BancAssets LLC, which works to bring large and middle-market corporate lending to community financial institutions.
 
U-Haul embraced the idea of using the communities they serve to finance their business instead of going to big institutions, said David Hill, CEO of the Austin, Texas-based BancAssets.
 
Hill told News Now that it is important to provide funding avenues for Fortune 1000 companies. "By going back to the communities they serve, they experience more economic empowerment and involvement," he said.
 
Of the 23 community financial institutions involved in the corporate financing, the following four credit unions were included:
  • Atlantic Regional FCU, Brunswick, Maine, $266 million assets
  • Leaders CU, Jackson, Tenn., $208 million assets
  • Money One FCU, Largo, Md., $105 million assets
  • Sacramento (Calif.) CU, $367 million assets
 
The package put together by BancAssets gave U-Haul the opportunity to work with new lenders that they may not have known about, said U-Haul Treasurer Gary Horton in a press release.
 
RSS





print
News Now LiveWire
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
16 hours ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
17 hours ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
19 hours ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
19 hours ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
19 hours ago