BISMARCK, N.D. (3/4/14)--In its first full year of operations, Midwest Business Solutions (MWBS), the Credit Union Association of the Dakotas' agricultural/commercial loan credit union service organization, reported total loan closings of more $40 million and outstanding balances of $20.3 million at the end of 2013.
"The core of our group is the equity members and subscribers that we have," said MWBS President Phil Love, adding, "We paid two of our equity partners more in one year than they invested into our CUSO."
"Another three credit unions earned at least a third of their original investment back in one year. In many ways, we offer one of the highest returns of any credit union investment," he said.
Credit union organizations that founded MWBS include:
- Aberdeen (S.D) FCU;
- Black Hills FCU, Rapid City, S.D.;
- Capital CU, Bismarck, N.D.;
- Credit Union Association of the Dakotas, Bismarck, N.D.;
- Highmark FCU, Rapid City, S.D.;
- Mutual First FCU, Omaha, Neb.;
- Town and Country CU, Minot, N.D.; and
- Western Cooperative CU, Williston, N.D.
Among the credit unions that have joined as equity subscribers are:
- Service First FCU, Sioux Falls, S.D.;
- First Community CU, Jamestown, N.D.;
- Dakota Plains FCU, Lemmon, S.D.;
- Citizens Community CU, Devils Lake, N.D.;
- Voyage FCU, Sioux Falls, S.D.; and
- North Star Community CU, Maddock, N.D.
Subscribers receive discounts on our services and also have a priority position for loan participation purchases.