The CUNW board is made up of CEO’s from credit unions who own stock in CU*NorthWest. The CUSO is structured as a pure cooperative and mirrors the governance model of credit unions in nearly every way. “I am so proud of our board and the cooperative spirit they displayed in this process. They not only took care of stockholders but also recognized the non-stockholder customers, as we have always believed that paying a monthly invoice is also a function of investment in our firm. Bringing their business to CU*NorthWest is far more important than being a stockholder – which has always been optional.”, said Greg Smith, CEO of CU*NorthWest.
“The board and management of CU*NorthWest have a driving philosophy when managing the cooperative’s income. We seek to balance returns in four areas; maintaining a healthy balance sheet (retained earnings), stock value growth (book value), direct cash returns to owners (dividends), and price reductions or extra services for all customers regardless of ownership”, said Chuck Papenfus, current board chair, CEO of Inland Valley FCU in Fontana, CA, current board member and immediate past chairman of the California Credit Union League.