CHEYENNE, Wyo.–Two credit unions here said they are entering into a partnership to form a number of CUSOs, with the managing CUSO to be known as UProsper Services Group.
That CUSO has been approved by Wyoming’s Secretary of State. The two credit unions, WyHy FCU and Western Vista FCU, said that while plans call for several joint ventures, the UProsper brand will be used as the common brand.
The CUSO will be led by Tim Bolin, treasurer of Western Vista FCU and chairman of the new endeavor, and Pam Fredric, vice chairman of WyHy FCU and vice chair of the new CUSO. WyHy President/CEO Bill Willingham will be secretary of the new CUSO, while Western Vista President/CEO John Balser will serve as treasurer.
“There are a number of reasons credit unions form CUSOs together,” said Willingham in a statement, “and our reasons for partnering are to be able to offer additional service options that may have taken us much longer to offer on our own. Also, if each credit union were to attempt to create a standalone venture, the initial startup costs and ongoing operational expenses would be too many to absorb on our own. But through collaborative efforts, we can then split these initial and ongoing costs, as well as other resources, making the venture more cost efficient and effective.”
The first joint venture to be introduced by the CUSO will be called UProsper Wealth Management, with a focus on UProsper Investment Services.