Latest news with #creditunion
Associated Press
2 days ago
- Business
- Associated Press
Following Successful Merger With Roanoke-Based Member One, Virginia Credit Union To Unify Brand, Operations in 2026
RICHMOND, Virginia, June 03, 2025 (GLOBE NEWSWIRE) -- Following a successful merger in August 2024, Virginia Credit Union and its Member One division are pleased to announce that the now-combined organization will operate in all markets as Virginia Credit Union, beginning in the spring of 2026. 'The Virginia Credit Union brand has almost a century of history behind it and boasts a proven track record as a member-focused organization, one that's driven by its mission and focused on delivering value for members through its products, services, and resources,' said Virginia Credit Union President/CEO Chris Shockley. 'We know this merger will continue to benefit our members, staff, and the communities we proudly serve, and we look forward to further building on our proud tradition of member and community service under the Virginia Credit Union name.' The brand decision follows an extensive brand research project and a careful evaluation of both brands' strengths and awareness in current markets. Several factors were considered in selecting Virginia Credit Union as the continuing brand. The credit union will work through 2025 and into 2026 in preparation for Operational Day One, the date legacy Member One operations will be fully integrated into Virginia Credit Union — operating under the same brand and with the same systems, products, and services. Operational Day One will likely occur in the spring of 2026, and the credit union is committed to ensuring a carefully considered and member-centric approach to the integration project. Legacy Member One members will continue to bank as they have for the foreseeable future, utilizing Member One's online and mobile banking platforms, lending services, call centers, and branch locations. Through timely communications, members will be informed of integration milestones and member service updates as the credit union moves through the integration process. 'The most appealing aspect of this merger was the fact that our two organizations shared a belief that what we do and what we offer has a meaningful and positive impact on members and our communities,' said Shockley. 'We put people first and believe the relationships we build with members and within our communities are helping members achieve greater financial success and building stronger, more resilient communities. Combining these two well-respected and trusted organizations under one unified brand will only bolster our ability to fulfill our mission.' Member One members can learn more about the planned rebrand to Virginia Credit Union here. About Virginia Credit Union & Member One A financial cooperative serving almost 500,000 members, Virginia Credit Union and its Member One division offer a variety of affordable banking services, loans, mortgages, and free financial education resources, with a focus on helping people be more confident with their finances. Virginia Credit Union and its Member One division are equal housing opportunity lenders and are federally insured by the NCUA. Attachment Lewis Wood Virginia Credit Union 804-560-5664 [email protected]
Finextra
28-05-2025
- Business
- Finextra
Mahalo Banking signs six credit unions
Mahalo Banking, a CUSO that specializes in online and mobile banking solutions for credit unions, today announced the addition of six new credit union partners through a strategic relationship with Area Financial Services (AFS), a CUSO focused on data processing and technology services. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. These new partnerships underscore Mahalo's rising impact among credit unions seeking a modern digital experience that prioritizes innovation, member-centric usability, and seamless core compatibility with Corelation KeyStone. The credit unions – Directions Credit Union, Firelands Federal Credit Union, Fremont Federal Credit Union, Glass City Federal Credit Union, Impact Credit Union, and Midwest Community Federal Credit Union – selected Mahalo following an extensive and collaborative evaluation process led by AFS in partnership with credit union leadership and staff selection teams. The selection reflects the strong confidence in Mahalo's digital platform, team, technical flexibility, and ability to support diverse member needs through a secure and inclusive user experience. 'Our due diligence process was incredibly thorough as we reviewed almost every major digital banking solution on the market, and Mahalo stood out for its flexibility, functionality, and the strong team behind the technology,' Michael Tindall, CEO of AFS said. 'In addition to an outstanding platform, several key factors contributed to their partnership selection. The deep core connectivity with Corelation KeyStone was essential for our credit unions' operational goals, and just as important was the close relationship we've built with Mahalo. They are more than a vendor – they are credit union people through and through, with a genuine investment in the movement and a clear understanding of our mission.' Mahalo's advanced digital banking solution enables credit unions to deliver innovative, member-centric experiences through features such as Credential Assurance Technology (CAT), which proactively defends against credential stuffing attacks, and its Thoughtful Banking® capabilities that support neurodiverse and accessibility-focused user needs. The platform's strong core integration supports optimized workflows, improved back-office efficiency, and quicker time to market for new digital features. 'Earning the trust of AFS and its credit unions was critically important to us, and we are proud to be chosen as their digital banking provider,' said Jim Stickley, CEO of Mahalo. 'This partnership is a powerful validation of what sets Mahalo apart: our unwavering focus on the credit union movement, our intuitive understanding of member needs, and our ability to deliver a flexible, future-ready platform that stands out in a crowded marketplace. Our solution offers a true strategic advantage, empowering our credit union partners to innovate, differentiate, and create more meaningful, lasting member relationships.'
Yahoo
26-05-2025
- Business
- Yahoo
Credit unions challenge broken student loan system with revolutionary line of credit approach
Washington, DC, May 26, 2025 (GLOBE NEWSWIRE) -- CU Student Choice, a credit union-owned organization that helps credit unions deliver private student loan solutions, announced expanded access to its flexible education line of credit product. The announcement comes as student debt continues to weigh heavily on millions of families. Traditional private loans often force students to estimate the full cost of their education upfront, a tough ask given how often financial situations and academic paths change midstream. Many borrowers end up on online lender marketplaces, dominated by national brands willing to pay big dollars for leads. But Student Choice's user-friendly CUSelect Finder Tool at helps students and families discover line of credit options from credit unions that often go unseen on major comparison sites. 'The conventional private student loan is fundamentally broken,' said Scott Patterson, President and CEO of Student Choice. 'Students are forced to guess their total expenses before the semester even begins, often leading to overborrowing or, worse, coming up short when unexpected costs arise. Our education line of credit model represents a complete paradigm shift — apply once, draw only what you need, when you need it.' Traditional Loans Fail to Match Real Student Experiences Most private student loans follow a rigid structure that doesn't reflect how students actually move through college. When classes shift, family budgets change, or unexpected costs pop up, traditional loans often offer little room to adapt — leaving borrowers overextended or stuck without options. A Credit Union Model Designed to Flex In today's education landscape, uncertainty is the new normal. Families are facing shifting rules around federal loan programs, unclear policies, and mixed messages. Meanwhile, students still need reliable, flexible ways to cover tuition now — especially when timing and access are critical. That's where the credit union line of credit stands apart. Student Choice's model allows students to apply once and access funds over multiple academic years, borrowing only what's needed each term*. It reduces the need to reapply, helps avoid excess borrowing, and gives students the ability to adjust if their plans or needs change. Funds are available quickly when they're needed most. 'It's time we stop pretending that traditional student loans work,' said Patterson. 'This model flips the script. One application, flexible access, and the freedom to borrow on your own terms. It's built for real life — not for lender convenience.' The Real Cost of Inflexible Loans When students take out more than they need just to avoid reapplying later, they often end up paying interest on funds they never use. The line of credit approach helps prevent that. It gives students the flexibility to borrow only what's necessary, when it's necessary — and if their situation changes, the loan can adapt with them. Traditional lenders often design products to maximize profit. Credit unions are offering something different — a borrower-first approach based on trust, flexibility, and long-term value. A New Tool to Help Borrowers Explore Their Options To help more families find these alternatives, Student Choice recently updated its Finder Tool at The CUSelect Finder Tool makes it easy for users to compare personalized lines of credit—from multiple credit unions the user is likely eligible to join—based on school, timing, and borrowing needs, with no credit check to compare and no obligation to apply. 'As borrowing decisions grow more complicated and private loan marketing becomes more aggressive, the CUSelect Finder Tool gives students a faster, clearer path to smart options — making informed decisions right from the start and helping them avoid feeling overwhelmed,' added in 2008 by several of the nation's leading credit unions and credit union service organizations (CUSOs), CU Student Choice works in partnership with credit unions to deliver innovative solutions that help members responsibly overcome the increasing challenge of higher education affordability. With cooperation and a keen focus on the future, the CUSO's programs have allowed hundreds of credit unions to deliver fair-value private education and refinance loans with corresponding financial education to more than 100,000 Unions Challenge Broken Student Loan System Press inquiries CU Student Choice Mike Weber mweber@ 563-599-1193 1001 Connecticut Avenue NW, Suite 1001, Washington, DC 20036 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-05-2025
- Business
- Yahoo
Servus Credit Union Now Canada's Largest Credit Union
EDMONTON, Alberta, May 26, 2025 (GLOBE NEWSWIRE) -- Servus Credit Union Ltd. (Servus) has officially become Canada's largest credit union by total assets, a historic milestone for the Alberta-based credit union and its members. This designation, as recognized by the Canadian Credit Union Association (CCUA), reflects years of disciplined operational decisions, a growing number of Albertans who bank with Servus, and the completion of a successful merger with connectFirst Credit Union on May 1, 2024. The milestone marks a major shift in Canadian credit union history — after more than four decades, the title of Canada's largest credit union has shifted from B.C.-based Vancity to Servus. This achievement is based on year-end 2024 results, as just reported by the CCUA. 'This is a proud moment for the entire Servus community – members and employees,' says Ian Burns, President and CEO of Servus Credit Union. 'It reflects years of hard work, smart decisions, and the trust that an ever-growing number of Albertans place in us. This milestone isn't just symbolic. It's national recognition that underscores the strength of the products, services and member-centric approach that we provide.' With a consolidated asset base nearing $30 billion, Servus is well-positioned to challenge traditional banking models and offer Albertans a compelling, cooperative, and values-driven alternative to the big banks. As the largest credit union in Canada, Servus has the size and strength to deliver value to its members through innovative offerings and personalized, locally made decisions. 'Every year, we see more Albertans and Alberta businesses turning to us for their banking needs. This is a testament to the power of the cooperative banking model and the value we offer – such as a 100 per cent deposit guarantee, profit sharing with members and recent enhancements to our digital banking platforms. If you're not already benefitting from these things, perhaps it's time to check us out,' says Burns. Burns notes the credit union's disciplined approach as a fundamental driver of this success, where a focus on stability and capital strength have set the stage for long-term success. Burns adds, 'Becoming Canada's largest credit union is a remarkable milestone, but our real strength lies in the long game — we will continue to make deliberate decisions to build lasting success for the good of our credit union and members, to progress the future of cooperative banking in Alberta.' Servus has a long-standing presence in Alberta, with 147 branches serving more than half a million members. From financial advisors helping members reach personal goals, to business banking experts supporting Alberta's entrepreneurs, to a Wealth Strategies team offering tailored investment advice – Servus is dedicated to helping its members feel good about their money. About Servus Credit Union Ltd. Servus Credit Union has recently merged with connectFirst Credit Union. The resulting entity has served Albertans for over 80 years with a full line of secure financial services. The financial institution has 147 branches in 80 communities throughout the province as well as options for online and mobile banking. For more information about Servus, call 1.877.378.8728 or visit Media contact:media@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
25-05-2025
- General
- The Guardian
The kindness of strangers: I thought my wages would be docked but the customer I'd overpaid returned
It was Christmas Eve, 1977. I was 20 years old and working on the desk at a credit union as a teller. Management thought it was a wise idea to offer our customers a glass of champagne with their withdrawals that day, so I had been helping myself to a small glass of bubbly as I handed the customers one. By the end of the day I was unsurprisingly a bit tipsy and, when I balanced up the till, I realised I was $20 short. At the time, $20 was almost a week's pay for me, or at least half a week's pay, so it was a decent amount of money. I was sitting there feeling quite distressed, because if the till was down you had to make it up from your own wages – that was the deal. It meant I would have no money for the Christmas period. Suddenly there was a knock on the window, and I looked up to see a man who seemed desperate to come in. We normally didn't let anyone in after we'd closed but the man kept knocking, so I eventually opened the door a crack to see what he wanted. When I did, he handed me the missing $20 note – he told me I'd overpaid him, so he'd spent half an hour travelling across town on Christmas Eve to return the money, knowing that my till would be out. It was a lovely thing to do, and it made a lot of difference to my outlook on life. It wasn't just the money, it was the fact that he had gone to such effort to make sure that I wasn't out of pocket, when it was entirely my fault anyway. The experience also meant that I'd never accept an accidental overpayment from anyone ever again. I know how much that money can matter to people working in retail. And I think if you've ever worked in the lowest end of jobs, you tend to have more empathy. It's been almost 50 years but I've not forgotten that man's act of kindness. I've learned in life that people do mean things to you sometimes but it's the kind things that really make the difference. From making your day to changing your life, we want to hear about chance encounters that have stuck with you. Your contact details are helpful so we can contact you for more information. They will only be seen by the Guardian. Your contact details are helpful so we can contact you for more information. They will only be seen by the Guardian. If you're having trouble using the form click here. Read terms of service here and privacy policy here
