The Pulse (02-10-12)
February 10, 2012 ● Volume 01, Issue 06
View 02-10-12 Issue of The Pulse
Products & Services News
CUNA Mutual’s new holding company makes debut
On Jan. 31, CUNA Mutual Insurance Society reorganized to a mutual insurance holding company structure. As a mutual insurance holding company, CMIS is changing its legal name to CMFG Life Insurance Co. This action comes after the organization received approval from 90 percent of policyholders and the Iowa Insurance Commissioner.
The conversion to a mutual holding company structure will maintain policyholders’ rights while enhancing CUNA Mutual Group’s ability to compete and serve its customers. In particular, the structure enhances the company’s ability to access capital and provide much greater flexibility around acquisitions. This is a natural and positive next step in CUNA Mutual Group’s continuing commitment to credit unions and to their successful and proven strategy.
Despite the reorganization, the insurance policies and annuity contracts remain the same, policyholder benefits and rights are not reduced or altered in any way, nor will premiums increase as a result of the MHC reorganization. For more information about CUNA Mutual Group, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515.
CO-OP, FSCC complete Shared Branching merger
CO-OP Financial Services has completed its merger with Financial Service Centers Cooperative (FSCC) . The merged companies have created one nationwide Shared Branching operation for credit unions. The new network comprises more than 1,700 credit unions, 4,400 branch locations and 2,200 kiosks in 7-Eleven stores.
Sarah Canepa Bang, CEO of 21-year-old FSCC since 1999, will continue as President & Chief Operating Officer of FSCC and Chief Strategy Officer of CO-OP Shared Branching. The leadership team also includes Craig Beach, President/COO of CO-OP subsidiary Credit Union Service Corp. CUSC and FSCC will now be under the CO-OP Shared Branching business line.
CO-OP Financial Services now has more than 3,000 credit union members and also provides network, payment processing, e-commerce and call center services, with more than 30 million cardholders and 28,000 surcharge-free ATMs. For more information about CO-OP Financial Services, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515.