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Article: Credit unions expand into commercial loans.
- Article from:
- American Banker
- Article date:
- August 5, 1996
- Author:
CopyrightCOPYRIGHT 1996 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A small but growing number of credit unions are making business loans.
And bankers used to competing with the cooperative organizations are running up against them on the commercial side, as banks target increasingly smaller businesses.
"They don't advertise it, but I know they do it," said Frank Sullentrop, chief executive of the State Bank of Colwich in Kansas.
For example, in the past 18 months two business State Bank customers have paid off loans - each "in the high five figures" - courtesy of financing from a local credit union, he said.
James Carey, chief executive of Slade's Ferry Trust Co. in Somerset, Mass., has similar gripes. Some state-chartered credit ...