Credit union trade associations from seven states have joined together to form a new company with the goal of offering products and services to their 800 credit unions.
The Raiffeisen Group, LLC (TRGroup) was formed by the trade associations serving credit unions in Indiana, Kentucky, Louisiana, Mississippi, Tennessee, Virginia and West Virginia. Credit unions in these seven states boast a combined 10 million members and $100 billion in assets.
“It makes sense to join forces and enhance our ability to serve credit unions. This strategic alliance creates a marketplace of 800 credit unions--almost one-seventh of the nation’s credit unions - allowing us to pursue business partnerships and collaborative ventures that would not otherwise be possible,” said Charles Elliott, president of Mississippi Credit Union Association and chairman of TRGroup.
TRGroup’s goals are to create value for member credit unions through joint service offerings; professional development; group purchasing; and introducing new products and services to market. Ultimately, the company’s mission is to empower credit unions to better serve their members, build loyalty, realize savings, and grow revenue. The company is currently evaluating several products and services to determine their potential to benefit credit unions.
Each credit union association provided startup capital for the new company.
TRGroup’s board of directors will be comprised of the presidents from the seven trade associations with the following board officers:
Board members include: