Growing Credit Unions

A Tale of Two Conversions: CU*SOUTH Converts Hilco FCU and Texhillco School Employees FCU to CU*BASE Core Software


Kerrville, TX – October 1, 2013    
    It was the best of times for the members and employees of two credit unions located within two miles of each other in the heart of Texas Hill Country, as Hilco FCU and Texhillco School Employees FCU converted their core data processing to CU*SOUTH.

Hilco FCU serves 1200 members with assets of $10M.  Hilco’s SEG includes the employees of Kerrville State Hospital, as well as Kerr County, the City of Kerrville, the local USDA, and the Upper Guadeloupe River Authority.

Texhillco School Employees FCU serves over 2000 school employees in Hill Country, with over $19M in assets.

Responding to increasing demand from members to expand their products and services – particularly self-service options like mobile and text banking, online loan and membership applications, and automated loan decisioning – with a limited staff, both credit unions needed a single, unified software system to eliminate the headache of interfacing between their old core software, their home banking software and other third-party software providers.

“CU*SOUTH offered the fully-integrated platform we’ve been looking for,” says Hilco FCU CEO Ed Baskin.  “In my previous job at the hospital, I’ve managed the IT department, and served on software advisory boards.  I took a thorough look at the CU*BASE software – and it had exactly what we were looking for.”

CU*SOUTH’s ownership model was important in both decisions.  “We loved the idea of investing in the CUSO,” said Ed Baskin.  “With all the mergers and acquisitions in the CU software market, we wanted to make sure that our core software wouldn’t get sold to a banking software vendor.  Our core is a critical element in our growth – and we’re looking forward to adding our voice to the governance of CU*SOUTH.”

Speaking on first day of their conversion to CU*BASE, Texhillco School Employees CEO Mark Bigott agreed with Ed Baskin.  “Both Ed and I had that ‘Duh!’ moment… that’s exactly how we described it in our Board reports. We had found a CUSO that thinks the way we do, and understands our needs.  For years, our money has been adding to the bottom line of the banking software companies.  With CU*SOUTH, we have an opportunity to participate in the ongoing development of the software – and we become partners in a large network community of like-minded peers.”

Both CU’s converted from the ShareTec core software.  “By scheduling both conversions on the same weekend, and converting from the same core, we were able to save both credit unions over $30,000 in conversion expenses,” said Starla Honea, Director of CU*SOUTH’s Client Center.  “We lowered the project management and programming costs, and created a two-week training schedule that increased the number of educational opportunities for both teams.  On Live Week, we deployed eight support representatives for a total of 11 employees – to make sure both CU’s had extensive support across all areas – teller/MSR, lending, back office, PC’s and imaging, and management support.”

Any Conversion Day stress was relieved by CU*SOUTH’s CUSO network partners – Xtend and CU By Design.  Grand Rapids-based CUSO Xtend provided Call Center services, taking hundreds of incoming member calls, and taking care of member questions about home banking, BillPay, and debit cards.  CU By Design, a Portland, OR- based CUSO, provided lending and back office support, including making sure both CU’s were balanced during Conversion Week, and keeping the loan pipelines flowing.

“I’m thrilled to have Texhillco School Employees FCU and Hilco FCU as clients and owners of CU*SOUTH,” added CU*SOUTH’s CEO Leo Vaulin, speaking at the dual conversion in Kerrville.  “CU*SOUTH’s mission is to grow credit unions – and keep smaller CU’s healthy by providing both software and managed services to help them address changes in their financial and regulatory landscape.  Thanks to folks like Ed Baskin and Mark Bigott, our CUSO will continue to improve our delivery of services to CU’s under $25M.”

 

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Jefferson Credit Union Invests in CU*SOUTH CUSO


Birmingham, AL - September 18, 2013
    CU*SOUTH announced that Jefferson Credit Union has acquired Class A Common Stock in the CUSO. Jefferson Credit Union has assets of $67M, and serves over 8200 members in a seven-county area around Birmingham, AL. In March, 2013, Jefferson CU converted their core processing platform to CU*SOUTH’s CU*BASE software.

Speaking at the Grand Opening of Jefferson CU’s fourth branch in Hoover, AL, CEO Charles Faulkner said, “In my 37 years of running this credit union, this is the first time I feel that our technology has finally achieved my dreams.”

CU*SOUTH CEO Leo Vaulin attended Jefferson CU’s Grand Opening. “We’re delighted to have Jefferson CU as a client, a partner, and now – an owner. Ownership means that our strategic interests are directly aligned with those of our credit unions. Just as a credit union must always ask itself, ‘How well is our strategic plan aligned with the needs of our members?’ – we constantly check our business plan with those of our clients and owners.”

Richard Morris, Jefferson CU’s VP of Administrative Services concluded, “In our first six months on the CU*BASE core platform, we have realized a 200% improvement in operating efficiency. We’re looking forward to continuing this process with our partners at CU*SOUTH.”

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CU*South is Hiring!

CU*South is currently hiring a CU*Base Financial Software Specialist! Download the attached PDF for more details.

PDF: CU Base Financial Software Specialist

 

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Flag Credit Union Selects CU*South’s Collections By Objective

CUSO@Work, a division of the credit union-owned CUSO, CU*South, announced that its Collections By Objective (CBO) team would be working for Flag Credit Union of Tallahassee, FL, to help manage their Consumer Loan delinquencies.  Flag CU serves 5,414 members with over $36M in assets. Collections By Objective’s existing clients average a reduction of 50% or […]

CU*SOUTH CUSO Converts 6 Credit Unions to CU*BASE


Making a difference for thousands of new members through the power of collaboration and shared CUSO ownership.

Fairhope, Alabama – May 11, 2012  CU*SOUTH, a credit union-owned service organization, announced that it had converted six credit unions to its CU*BASE software platform in the past 12 months.

“Over 200 credit unions now use the CU*BASE system to serve over 1,500,000 members nationwide,” says CU*SOUTH CEO Leo Vaulin.  “Over 150 credit unions are owners in one or more the CUSO’s that collaborate within our network.  Just as member ownership and volunteerism drives credit unions to excel at providing financial services, the participation and investment of credit unions in the design and development of our software makes CU*BASE the best solution to drive credit union success.”

In the past 12 months, CU*SOUTH converted the following credit unions to the CU*BASE platform:

  • Taunton Federal CU in Taunton, MA
  • MUNA Federal CU in Meridian, MS
  • Elizabeth NJ Firemen’s FCU in Elizabeth, NJ
  • Birmingham Police CU in Birmingham, AL
  • St. Joseph’s Broadmoor FCU in Shreveport, LA
  • Glove Workers FCU (merged into First Neshoba FCU) in Philadelphia, MS

“With each conversion, we identified immediate benefits to the member,” says Mr. Vaulin.  “In some cases, it was mobile and text banking, or a better membership reward program.  In other cases, it was 24×7 loan approval or extra self-service options through our home banking platform.  It’s a great feeling for the credit union and the CUSO to know that we’re making a difference for thousands of new members.”

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