Overland Park, Kan.-based CU Capital Market Solutions LLC (CMS) has announced the purchase of CNBS LLC, a CUSO that originated from U.S. Central in the late 1980s to provide brokerage services to credit unions.
Metarie, La.-based Jefferson Financial Credit Union will be the lead sponsor of a new CUSO, and complete assimilation of the asset purchase is expected by the end of August.
CMS said in a press release that it will continue to provide clients with existing products and services, along with introducing new offerings beginning during the third quarter of 2016, including balance sheet strategies and earnings optimization, non-member funding and insured deposit programs, and securitized assets programs.
CEO Lewis Lester praised the CNBS board for their part in the asset purchase and said CMS looks "forward to providing new, innovative and enhanced services that will benefit the entire credit union industry."
Mark Rosa, CEO of Jefferson Financial CU, praised the excitement being generated by CMS. "They are experienced, innovative thinkers whose products will represent a quantum leap forward for this industry," he said. "Jefferson Financial is proud to be one of the original sponsors. This starts a new day for credit unions.
Following completion of the asset purchase, CNBS will no longer exist, with CU Capital Market Solutions retaining all current CNBS clients on their new platform.
