CU Capital Market Solutions Acquires the Assets of CNBS
OVERLAND PARK, Kan. (July 19, 2016) — CU Capital Market Solutions, LLC has announced the asset purchase of CNBS, LLC. The 25-year-old CNBS originated as a CUSO of U.S. Central Credit Union in the late 1980’s, primarily to provide brokerage services to credit unions. The CNBS assets were purchased by a management-led buyout group, along with several credit unions, in order to provide advanced strategic solutions.
CU Capital Market Solutions said it has registered as a CUSO, sponsored by Jefferson Financial Credit Union as the lead CUSO sponsor. The complete assimilation of the asset purchase by CMS is expected to be complete within 30 days.
The Management group of CMS includes Lewis N (Lew) Lester, CEO, and Robert (Bob) Colvin, president. CMS said it will continue to provide clients with existing products and services and will introduce a number of new products and services in the third quarter of 2016. The new services include, Balance Sheet Strategies and Earnings Optimization, Non-Member Funding and Insured Deposit Programs, and Securitized Assets programs, the company said.
“It was a privilege to work with the CNBS board on this asset purchase,” Lester said. “They were very thorough, professional and diligent. We’re excited to have the ability to implement a unique and progressive agenda that will include products and services that until now have not been available to credit unions. We look forward to providing new, innovative and enhanced services that will benefit the entire credit union industry”.
Lester has a long history of involvement in Registered Investment Advisory firms. “Our new products and services will assist our client’s efforts to grow their earnings, better meet the needs of their members and enhance their capital base,” Lester said.
Added Colvin, “We have seen tremendous support from our clients that recognize the innovation required to move the industry forward. It is our mission to be identified as a key ‘thought leader’ in the industry.”
Jefferson Financial Credit Union’s CEO, Mark Rosa, said, “It is exciting to see the energy coming from this firm. They are experienced, innovative thinkers, whose products will represent a quantum leap forward for this industry. Jefferson Financial is proud to be one of the original sponsors. This starts a new day for credit unions.”
As a result of the CNBS asset purchase, CNBS, LLC will no longer exist following the completion of the purchase. CU Capital Market Solutions will retain all of the current CNBS, LLC clients on their new platform.