Published on July 10, 2017
Written by The Servion Group
Since 2010, TruStone Financial Federal Credit Union has nearly doubled in asset size. A significant part of its growth has come from more than $130 million in commercial loans. While the organization has had in-house expertise for some time, the added perspective of CU Member Business, Inc. (CUMBI) on commercial credit has helped TruStone Financial grow with confidence in its lending decisions.
“When I joined TruStone Financial in 2010, one of the key questions we asked was: What’s our plan to grow?” said Tim Bosiacki, CEO of the Plymouth, Minn.-based credit union. “Commercial lending was one of the pieces to that puzzle.”
Managing risk was a focus for Bosiacki and his team as they grew commercial lending. “We are large enough that we could hire expertise in-house,” he said. “We have stayed with CUMBI because they do a good job.”
“When we review commercial loans on credit committee, I look at CUMBI’s writeup first. I want to know their concerns as far as weakness in a file.” Bosiacki continued, “I can compare their viewpoint to ours and it has really contributed to our success in keeping delinquencies low.”
TruStone Financial utilizes CU Member Business, Inc. to service commercial loans, and as a sounding board for decisions on mergers and acquisitions. “I can call Tony Lillie, CUMBI’s Chief Credit Officer, even when we are looking at acquisitions to get a thorough answer,” Bosiacki said. “They know how we operate and can tell us if it’s deal we may want to consider.”
CUMBI is on the ball with quick answers and additional insight when TruStone needs it, Bosiacki said. “They are priced reasonably and very dependable,” he said. “CU Member Business has been a key partner in the success of our commercial lending area.”