PHILADELPHIA–Two CUSOs offering member business lending services have merged.
Member Business Financial Services, LLC (MBFS) and Keystone Business Lending Solutions, LLC (KBLS) reported they have consolidated operations. The new CUSO will operate under the MBFS name and will continue operations in this city and in Pittsburgh. Combined, the CUSO provides services to 35 credit unions in Mid-Atlantic states.
“Credit unions and CUSOs are under pressure in today’s environment to provide higher-quality service while still maintaining competitive pricing,” said Mark Ritter, CEO of Member Business Financial Services, in a released statement. “The result is an even stronger CUSO that delivers more value to our credit union partners.”
Wayne Grinnik, formerly CEO at KBLS, will become president, Western Pennsylvania, and assist in the transition until his retirement in March.
MBFS provides loan servicing, portfolio management services, loan underwriting, loan documentation, and coordination of loan participations and manages more than $300 million in business loans. MBFS’ 13 owner credit unions include American Heritage Federal Credit Union, American Spirit Federal Credit Union, Choice One Community Federal Credit Union, Discovery Federal Credit Union, Eagle One Federal Credit Union, Erie Federal Credit Union, Keystone Federal Credit Union, P&G Mehoopany Employees Federal Credit Union, Penn East Federal Credit Union, People First Federal Credit Union, Service 1st Federal Credit Union, Valor Federal Credit Union and Viriva Community Credit Union.
KBLS’ six owner credit unions included Clearview Federal Credit Union, Erie Federal Credit Union, West Aircomm Federal Credit Union, Century Heritage Federal Credit Union, Untied Community Federal Credit Union, and Pittsburgh Central Federal Credit Union.