Five Chicago Land Credit Unions Join Financial Service Centers Cooperative, Inc. - FSCC - Shared Branching Network Heralding International Credit Union Day - October 17, 2002.Business Editors SAN DIMAS, Calif.--(BUSINESS WIRE)--Oct. 16, 2002 Credit Unions Put Service Above Competition On Thursday, October 17, International Credit Union Day, five Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. credit unions will be signing contracts with Financial Service Centers Cooperative, Inc. (FSCC FSCC Financial Service Centers Cooperative, Inc. FSCC Fort Scott Community College (Kansas, USA) FSCC Fire Support Coordination Center FSCC Faulkner State Community College (Bay Minette, Alabama) ), an international credit union shared branch network. The move gives their members access at 868 credit union shared branches nationwide. In addition, the five credit unions will be adding twelve of their branches to the network. CEOs from Motorola Employees Credit Union, Illiana Financial Credit Union, Meadows Credit Union, Prairie prairie Level or rolling grassland, especially that found in central North America. Decreasing amounts of rainfall, from 40 in. (100 cm) at the forested eastern edge to less than 12 in. Trail Credit Union and Premier Credit Union will sign agreements with FSCC officials on Thursday, October 17, 2002 at 10:00 a.m. at Motorola Employees Credit Union headquarters, 1205 E. Algonquin Road, Schaumburg, Illinois Schaumburg is a village in Cook County and DuPage County, Illinois. As of the 2000 census, the village had a total population of 75,386. As of 2005, the population slightly dropped to 72,690 according to the Census Bureau. , 60196. The five Illinois Credit Unions join four other credit unions that have put their Illinois branches in the network. Patelco CU, Baxter CU, American Airlines American Airlines Major U.S. airline. American was created through a merger of several smaller U.S. airlines and incorporated in 1934. It continued to buy the routes of other airlines, becoming an international carrier in the 1970s; its routes include South America, the EFCU EFCU Employees Federal Credit Union , and Gateway Metro CU are already operational in shared branching. The show of cooperation by the Illinois Credit Unions is also heralding International Credit Union Day, which creates awareness and recognizes the cooperative efforts of the Credit Union Movement on behalf of financial consumers worldwide. "By putting branches into the network," says John Fiore John Fiore is an American actor. Fiore is probably best known for his recurring role as Detective Tony Profaci on the long-running NBC crime drama Law & Order. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Motorola Employees Credit Union, "the five credit unions are demonstrating cooperation that truly benefits members. Making this commitment on International Credit Union Day is especially appropriate." Motorola Employees Credit Union has been the primary driver behind the shared branch initiative in Illinois. Shared branching allows members to conduct transactions with their own credit union in the branches of other participating credit unions. The concept is helping credit unions across the country dramatically improve convenience and at the same time reduce the need for expensive brick and mortar See bricks and mortar. . In 2002, FSCC has added 120 new branches to its rapidly growing network. The twelve Illinois branches are expected to open to other credit union members in April 2003 and include locations in Schaumburg, Arlington Heights Arlington Heights, village (1990 pop. 75,460), Cook county, NE Ill., a residential suburb of Chicago; founded 1836, inc. 1887. Its manufactures include machinery, drugs and medical equipment, and metal fabrication. Arlington Park racetrack is there. , Bradley, Calumet City Calumet City, city (1990 pop. 37,840), Cook co., NE Ill., a suburb in the greater Chicago metropolitan area, near Ind.; settled 1868, inc. 1911. Once heavily industrial, the city is primarily residential with some light manufacturing. , Frankfort, Highland Park Highland Park. 1 City (1990 pop. 30,575), Lake co., NE Ill., a suburb of Chicago on Lake Michigan; inc. 1869. It is a retail business and medical center for the North Shore area. , Joliet, Naperville, Northbrook and Palatine Palatine, hill, Rome Palatine, hill: see Rome before Augustus and Roman Empire under Rome. Palatine, village, United States Palatine (păl`ətīn), village (1990 pop. . "With an additional 868 branches, these credit unions are creating superior convenience for their members," says FSCC CEO Sarah Canepa Bang. "We are thrilled thrill v. thrilled, thrill·ing, thrills v.tr. 1. To cause to feel a sudden intense sensation; excite greatly. 2. To give great pleasure to; delight. See Synonyms at enrapture. that they will be adding their branches to the network. The concept wouldn't work if credit unions weren't willing to open their branches to other members." Walter Kopacz, CEO of Illiana Financial CU, based in Calumet City, is excited about the program. "With our diverse field of membership in the states of Illinois and Indiana, it made perfect business sense to become a member of FSCC, the global shared branching network. Again, the credit union cooperative movement cooperative movement, series of organized activities that began in the 19th cent. in Great Britain and later spread to most countries of the world, whereby people organize themselves around a common goal, usually economic. has joined together to better serve our membership through service, convenience and economies of scale." By working together, credit unions in the FSCC shared branch network offer their members access at 868 branches in 37 states in the U.S., Guam, Japan, South Korea, Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. and Italy. With the addition of the twelve new branches, Illinois will have sixteen shared branches mainly in the suburban Chicago area. FSCC officials expect this to grow to at least 50 within the next few years. "Shared branching is great for credit union members around Chicago," adds Ed Buettner, President of Meadows CU in Arlington Heights. "It provides members with added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Matthew Thraen, CEO of Prairie Trail CU in Joliet, agrees, "Shared Branching is a cooperative service delivery channel that provides unique value to credit union memberships." Credit unions involved in shared branching in the U.S. represent 16 million members and over $100 billion in assets. Credit Unions in the FSCC network perform an average of 55,000 transactions on any given day and well over 1.5 million transactions per month. The smallest credit union participating in shared branching is approximately $2 million in assets and the largest is over $3.5 billion in assets. Financial Service Centers Cooperative, Inc. (FSCC), an international credit union shared branch network, was formed in 1990. FSCC is a pioneering founder of the CU Service Centers Network, bringing international shared branching capabilities to credit unions across the country. FSCC is owned and operated by credit unions. For more information visit www.fscc.com or call 888/372-2669 ext.689. Financial Service Centers Cooperative, Inc. (FSCC) 924 Overland Court, Suite 220 San Dimas, CA 91773 www.fscc.com Sarah Canepa Bang, CEO 888/372-2669 ext 301 sarahbang@fscc.com Illiana Financial Credit Union Assets: $106 million 1600 Huntington Drive Members: 16,666 Calumet City, IL 60409 Walter E. Kopacz, CEO Gary Fossey, CU Business Development, 708/891-7805 gary@illiana.org Illiana Financial CU serves members in Illinois and Indiana. The credit union will add its branches in Calumet City, Naperville, and Bradley, Illinois to the shared branch network Meadows Credit Union Assets: $114 million 3350 Salt Creek Lane, Ste 100 Members: 18,000 Arlington Heights, IL 60005 Edward Buettner, President John Antos, Director of Marketing, 847/342-9300 ext. 337 jantos@meadowscu.com Meadows CU serves members throughout the Chicago area and 49 states. Many are eligible for membership through select employee groups serviced by the credit union. The credit union will add its branch in Arlington Heights, Illinois to the shared branch network. Motorola Employees Credit Union Assets: $401 million 1205 E Algonquin Road Members: 42,000 Schaumburg, IL 60196 John Fiore, CEO 847/576-5190 Michael Murphy, EVP 847/538-3704 Motorola ECU serves employees of Motorola, Inc., and their families. The credit union will add its branch in Schaumburg, Illinois to the shared branch network. Prairie Trail Credit Union Assets: $50 million 2350 W. McDonough St. Members: 13,254 Joliet, IL 60436 Matthew Thraen, CEO Ann O'Neill, EVP 815/725-5901 Ext. 18 Prairie Trail CU serves members living in Will and Grundy Counties and surrounding areas. The credit union will add its branches in Joliet and Frankfort to the shared branch network Premier Credit Union Assets: $75 million 1212 W. Northwest Hwy Members: 12,000 Palatine, IL 60193 James Roche, CEO 847/963-1212 Premier CU will add five of its branches to the network. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion