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ABOUT COMMUNITYAMERICA
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Sean Yokley Named Chief Operating Officer Of CommunityAmerica Credit Union Service Organization
Lenexa, KS ( 12/05/2007) -- Sean Yokley has been named chief operating officer of CommunityAmerica CUSO One, LLC, a for-profit, wholly owned subsidiary of CommunityAmerica Credit Union.
"Sean's leadership and experience in the credit union industry, including most recently his service as vice president, corporate affairs, of CommunityAmerica, will bring great value to CommunityAmerica CUSO One and to our members," said Dennis Pierce, CEO of the credit union and chairman of the CommunityAmerica CUSO One board of directors. "Our credit union and others with whom CUSO One collaborates welcome his skills and abilities in this important role."
Credit union service organizations, or CUSOs, are formed to engage in business activities that the credit union cannot under its charter. Different from banks, credit unions are not-for-profit, financial cooperatives formed to meet the traditional financial services needs of their collective memberships. CUSOs are for-profit, taxable entities that allow credit unions to engage in activities that go beyond traditional products and services for the ultimate benefit of their parent credit union's memberships.
"Profits of the CUSO are not retained by the CUSO for business purposes, but are instead paid as dividends to the credit unions that own it," Yokley said. "Additional revenue created through the CUSO structure is paid to the parent credit union and is used to enhance member value in terms of more attractive rates, improved services and further convenience."
Within CommunityAmerica CUSO One's family of companies are a mortgage origination and servicing company, a title company and a realty referral agency. Yokley said the sub-companies complement the credit union's mortgage products and provide members a more convenient and cost-effective home purchase or refinance process. The CUSO also has full or partial ownership in several businesses offering insurance products and short-term lending products.
In addition to leading CUSO One, Yokley was named as a member of CommunityAmerica's executive management team and will continue to be responsible for strategic planning for all of the CommunityAmerica family of companies.
CommunityAmerica CUSO One, LLC, employs approximately 30 people with headquarters in the same Lenexa office building as CommunityAmerica Credit Union.
Yokley, 34, started as a credit union teller at age 17 and has worked at four different credit unions. He has held various leadership positions at CommunityAmerica over the past 11 years. He has an undergraduate degree in personal finance from the University of Missouri-Columbia and a master's degree in business administration from Avila University in Kansas City, Mo.
About CommunityAmerica Credit Union
CommunityAmerica Credit Union has approximately 168,000 members, 465 employees, nearly $1.7 billion in assets, and ranks among the top 10 Kansas City-based financial institutions based on deposits. The credit union provides a full suite of financial products, including checking, savings, loans and money market accounts.
As a not-for-profit, member-owned financial institution, CommunityAmerica can offer highly competitive rates on deposits, loans and investments. Other products and services provided by CommunityAmerica include 24-hour online banking and 24-hour telephone banking, Visa credit cards, insurance and financial planning products.
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