ABECU

AcronymDefinition
ABECUAnheuser-Busch Employees' Credit Union
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"Through his dedication to helping our members reach financial success, Dave has led the credit union through landmark growth and success," Dan Vogler, ABECU EVP, said.
More than 1,200 checks were deposited during the first 30 days our eDeposit service was offered, said Calvin Curdt, vice president of Information Systems, ABECU. As mobile banking continues to grow, we will continue to enhance the functionality and convenience of our mobile account access.
Prior to Prime Alliance, ABECU's volume averaged about 55 applications a month.
Plus, she adds, ABECU is expanding its product line with Fannie Mae, and is now offering its adjustable-rate mortgage (ARM), higher loan-to-value (LTV) and affordability products.
Figure 1 Prime Alliance--Sample Credit Union Experience Loan Volume (in thousands) % Closed Loans 2001 2002 2003 2001 2002 2003 BECU $701,000 $1,083,000 $1,214,000 66% 84% 78% Patelco $364,746 $405,344 $536,915 64% 74% 71% Credit Union CoastHills FCU $36,032 $44,120 $56,194 63% 68% 67% ABECU $40,876 $72,491 $139,470 74% 66% 94% GTE FCU $128,755 $252,324 $359,841 54% 63% 72% Bethpage FCU $141,462 $314,206 $720,557 NA NA 83% MWFCU $29,276 $119,789 $134,523 59% 53% 67% Direct Origination Costs/Loan 2001 2002 2003 BECU $558 $399 $350 Patelco $905 $781 $620 Credit Union CoastHills FCU $906 $802 $610 ABECU $1,800 $1,500 $720 GTE FCU NA $823 $384 Bethpage FCU $814 $628 $424 MWFCU NA NA NA SOURCE: PRIME ALLIANCE SOLUTIONS INC.
Osborn said ABECU had been watching the firm's development since it launched in 2003.
The second, which ABECU chose, is an extension of the CU's financial services program and uses specially trained representatives to consult and make recommendations for trust services.
Osborn said the new division builds on ABECU's financial and investment planning, launched 22 years ago when its sponsor, Anheuser-Busch, instituted an early retirement program.
After ABECU announced at its annual meeting that it would soon roll out trust services, a member approached Osborn with some concerns.