VA (October 9, 2013)—National Cooperative Bank (NCB), a
leading financial services company dedicated to providing banking products to
cooperatives nationwide, announced today that St.
Louis Community Credit Union (SLCCU) successfully transitioned its settlement
activity and a majority of its correspondent banking services to NCB.
“We are excited about our new
partnership with St. Louis Community Credit Union (SLCCU), said Bill Stewart,
Vice President and Credit Union Market Leaders at NCB, “This relationship enables us to work with a progressive and
innovative community development credit union and utilize NCB’s settlement and
correspondent services platform to benefit its members."
St. Louis Community Credit Union chose NCB as its services provider for primary
reasons: a shared mission, strong economic value, and no capital requirement.
The credit union found a common vision in NCB which, like credit unions, is a
member-owned financial organization, dedicated to serving and promoting the
businesses of its members. SLCCU was impressed with the significant investments
in infrastructure and staff made by NCB to be able to partner with a variety of
credit union organizations. These partnerships include the National Credit
Union Foundation with its community investment fund, the National Federation of
Community Development Credit Unions, credit union service organizations such as
the Credit Union Loan Source (CULS), as well as several relationships with
credit union leagues and corporates.
NCB provided a great financial opportunity for the credit union. “NCB offered an
exceptional value proposition compared to many traditional providers, including
going directly to the Federal Reserve,” said Patrick Adams, SLCCU's President/CEO. "The value combined with the fact that
NCB didn’t require perpetual contributed capital made NCB a great option for
us. We found a great partner in NCB, and it’s a win-win relationship for both
is the newest successful partnership for NCB providing correspondent banking
services to credit unions. In 2011, Iowa's credit unions moved their settlement
and correspondent banking services to NCB.
NCB was able to provide the credit unions with the products and services
they needed without requiring perpetual contributed capital.
About National Cooperative Bank:
NCB is dedicated to strengthening communities
nationwide through the delivery of banking and financial services, complemented
by a special focus on cooperative expansion and economic development.
Headquartered in Washington, DC, the Bank has offices in Alaska, California,
New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on