LIBERTY LAKE, Wash.–The CUSO CU*NorthWest announced it has added a new credit union owner. The latest investor is the $53.7-million County Schools FCU in Ventura, Calif.
“Our cooperative business model allows for an equal opportunity for ownership and voice, irrespective of member or asset size,” said Greg Smith, CU*NorthWest CEO. “Our ownership structure allows for all participants to become owners of their CUSO.”
In addition to a positive return on stock value, shareholders have the opportunity to vote and participate on the board of directors, and are eligible for various profit sharing and investment incentives as directed by a governing board of credit union CEOs, CU*NorthWest said.
Separately, CU*NorthWest said Chula Vista City Employees FCU in California has signed with the CUSO for core processing and is scheduled for conversion in February 2018.
“We knew what we wanted in an affordable system and CU*NorthWest helped us get there,” said Lydia DeNecochea, CEO of Chula Vista City Employees FCU. “This solution also needed to provide new membership and loan application/signing/funding capabilities and so much more. CU*Northwest was able to provide it all.”