CHICAGO–Chicago Patrolmen’s FCU said it has taken a minority stake in Cincinnati-based Structure First, Ltd., a consulting and program management firm that specializes in the design, bid, and building of financial facilities.
In a statement, the credit union said the result is that Structure First will become the first and only CUSO serving financial institutions in building projects.
Structure First, which is led by co-founder and CEO Neil Kool, just celebrated its 10th anniversary and was described as a “disrupter to the traditional design-build model used by financial institutions for new headquarters, branches and renovations.”
Structure First said it delivers next-generation financial spaces through program management led by an elite team of former community banking executives and design builders who, collectively, incorporate over a century of experience.
Meanwhile, the $509-million Chicago Patrolmen's said it and its CEO, Scott Arney, are “no strangers” to development and renovation, and that since the start of his tenure as CEO in 2002, Arney has spearheaded and served as project manager for the development of over 50,000 sq. ft. of property, including the ground-up construction of their corporate headquarters and four branch locations in Illinois, in addition to two regional business offices in Arizona and Texas.
‘First-Hand’ Knowledge
“We know, first-hand, the amount of time, energy and soft costs that go into projects of this nature,” said Arney. “If a credit union is contemplating any growth or changes in their facilities, the Structure First model will be their most valuable resource from start to finish.”
According to the two organizations, CPFCU’s minority stake in Structure First will allow Kool to service his largest client base at a stronger level through a CUSO.
To date, Structure First reported it has served more than 50 financial institutions, with focus primarily on credit unions and banks with assets up to $5 billion within the Midwest and Southern U.S.