Arlington, VA ( August 10, 2011)- NCB, FSB (NCB) and The Members Group (TMG), a wholly owned subsidiary of the Iowa Credit Union League, are pleased to announce that a definitive agreement which provides for the delivery of correspondent services to Iowa credit unions has been executed by the two organizations.
The solution combines the member service capabilities of TMG with the products and financial strength of NCB so that credit unions of all sizes may continue to enjoy a high level of service and affordable access to deposits, loans and related correspondent services.
Specifically, the NCB proposal:
- Requires no capital investment by Iowa credit unions now or in the future.
- Provides products and services to Iowa credit unions of all sizes that are consistent with those offered by Iowa Corporate Central Credit Union today.
- Delivers an economically attractive solution to Iowa credit unions that offers better rates than the Fed and keeps the cost of services generally consistent with pricing today.
- Offers local delivery of services meaning that credit unions will continue to work with the support staff at ICUL’s subsidiary, The Members Group (TMG).
- Demonstrates financial security through NCB’s strong balance sheet with a high level of liquidity and a total risk-based capital ratio in excess of 15 percent along with the opportunity to enjoy 100 percent FDIC insurance protection on deposited funds through at least the end of 2012.
- Supports the credit union community with NCB's history of industry leaders serving on its board and its inherent focus on collaboration with credit unions and other cooperative organizations.
"NCB is pleased to have executed a definitive agreement with TMG”, said Steve Brookner, President and CEO, NCB, FSB. “In furthering its mission of serving cooperatives nationwide, NCB looks forward to achieving our mutual objectives through this collaborative effort.”
“As the Iowa Corporate works towards unwinding our operations we are happy to be able to offer Iowa credit unions an attractive alternative for their correspondent banking services,” said Sara Flynn, CEO, Iowa Corporate. “We look forward to working with Iowa credit unions to transition them to the new solution.”
Iowa Corporate will work with individual credit union members to help them transition to the NCB solution over the next few months.
About NCB ,FSB
NCB, FSB (NCB) is a federally chartered financial institution dedicated to serving a broad cross-section of cooperatives and their members -- including housing cooperatives, business cooperatives, credit unions, and other community development entities. The bank 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, NCB 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.
About The Members Group
TMG is a wholly-owned subsidiary of the Affiliates Management Company, which is owned by Iowa credit unions and their members. As a financial and credit union service organization (CUSO), TMG is dedicated to providing innovative and flexible card processing and payment solutions to credit unions and financial institutions across North America. TMG’s core products include credit, debit, ATM and a variety of ATIRA-branded prepaid solutions, as well as online reporting, ACH and ALM services. For more information, visit www.TheMembersGroup.com.
About Iowa Corporate Central Credit Union
Iowa Corporate provides correspondent financial services to the credit unions of Iowa. Through partnerships with Affiliates Management Company and Members United Credit Union, it offers a full array of correspondent banking services at competitive prices.