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National Cooperative Bank Now Offering Correspondent Banking Services to St. Louis Community Credit Union

Arlington, VA (October 9, 2013)—National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives nationwide, announced today that St. Louis Community Credit Union (SLCCU) successfully transitioned its settlement activity and a majority of  its correspondent banking services to NCB.

 
“We are  excited about our new partnership with St. Louis Community Credit Union (SLCCU), said Bill Stewart, Vice President and Credit Union Market Leaders at NCB, “This relationship  enables us to work with a progressive and innovative community development credit union and utilize NCB’s settlement and correspondent services platform to benefit its members."


St. Louis Community Credit Union chose NCB as its services provider for primary reasons: a shared mission, strong economic value, and no capital requirement. The credit union found a common vision in NCB which, like credit unions, is a member-owned financial organization, dedicated to serving and promoting the businesses of its members. SLCCU was impressed with the significant investments in infrastructure and staff made by NCB to be able to partner with a variety of credit union organizations. These partnerships include the National Credit Union Foundation with its community investment fund, the National Federation of Community Development Credit Unions, credit union service organizations such as the Credit Union Loan Source (CULS), as well as several relationships with credit union leagues and corporates.

 

Additionally, NCB provided a great financial opportunity for the credit union. “NCB offered an exceptional value proposition compared to many traditional providers, including going directly to the Federal Reserve,” said Patrick Adams, SLCCU's President/CEO.  "The value combined with the fact that NCB didn’t require perpetual contributed capital made NCB a great option for us. We found a great partner in NCB, and it’s a win-win relationship for both parties.”

 

This is the newest successful partnership for NCB providing correspondent banking services to credit unions. In 2011, Iowa's credit unions moved their settlement and correspondent banking services to NCB.  NCB was able to provide the credit unions with the products and services they needed without requiring perpetual contributed capital.

 

 

About National Cooperative Bank: 

NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.