Charlotte Metro uses a CUSO to ensure efficient, unbiased underwriting in its member business loan portfolio.
Loan participations are one way the credit union plans to beef up deposits in its portfolio, which exceeds 100% loans to shares.
It’s not so surprising that a financial institution in one of the nation’s banking meccas is turning out gangbuster commercial growth. After all, Charlotte, NC, is a hot domestic market.
However, that financial institution is a highly regulated, member-owned cooperative.
Charlotte Metro Credit Union ($444.4M, Charlotte, NC) is aggressively expanding its member business lending and services while expertly balancing the assets and liabilities in its commercial portfolio.
CU QUICK FACTS
Charlotte Metro Credit Union
HQ: Charlotte, NC
Data as of 09.30.17
12-MO SHARE GROWTH: 8.6%
12-MO LOAN GROWTH: 12.9%
Charlotte Metro began offering business accounts and loans in 2008. Today it has approximately 1,800 deposit accounts and 200 loans in its portfolio that serves a mix of small entrepreneurs, including hair stylists, landscapers, and in-home e-commerce vendors on up to an operator of several Domino’s Pizza franchises.
The credit union offers them a choice of three checking accounts, including one for people with a previous negative ChexSystem report, and loans that include credit cards, construction, equipment, owner- and non-owner-occupied properties, and lines of credit.
Nicol Matthews, COO, Charlotte Metro Credit Union
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“We partner with both a merchant service provider and a payroll vendor to ensure our ability to fulfill our business members’ needs,” says COO Nicol Matthews.
And the credit union has plans in place to add remote deposit checking through the mobile app, supplementing existing online capabilities.
The credit union operated with one commercial loan officer until 2016 when it added a second CLO and a support specialist. Charlotte Metro also uses Innovative Business Solutions ― a CUSO it partially owns ― to underwrite and produce loan agreements, which adds a level of compliance and neutrality to the decisions made by Charlotte Metro’s in-house business loan committee.