Happy New Year! I would be remiss in not wishing both Florida State and Auburn good luck tonight in the BCS National Championship Game. What a great opportunity to have two teams from our great states represented.
Over the past few months I’ve written in this column about exciting things on the horizon for LSCU & Affiliates. This week we are announcing the expansion of LEVERAGE’s auditing and compliance consulting services. This will be a real opportunity not only in Alabama and Florida but for us to expand our footprint in the southeast.
We recently completed a deal to buy the book of business from Hiram H. Hollifield of Chattanooga, TN. Hollifield used to work for the Tennessee League and provides auditing services for approximately 100 credit unions in Tennessee. All of Hiram’s employees will now become LEVERAGE employees. We are naming our business in Tennessee the CU Audit and Compliance Group, which will be a wholly-owned subsidiary of LEVERAGE. Later on this year it is our intent to transfer all our audit and compliance services business under this new company. However, for the time being, it will just be used in Tennessee. The existing clients in Tennessee will not see anything different in their service except the address on the invoice, as well as access to additional LEVERAGE products and services.
In addition to this acquisition, LEVERAGE also recently completed a purchase of the audit business from Corporate America CU. Continuation of the audit business was not in the plans for the new management, and they thought of us first when deciding to exit the business.
What does this mean to you? The addition of the CU Audit and Compliance Group complements our already successful audit and consulting services. Credit unions in Alabama and Florida will continue to get the same great audit services that they’ve been getting. However, the CU Audit and Compliance Group can now offer opinion audits. This means that LEVERAGE can provide comprehensive audit services for every asset sized credit union. Additionally, we expect to add expanded compliance consulting under this business later in the year.
This also means that LEVERAGE will become one of the largest and most experienced audit and compliance providers for credit unions in the country. This sets us up to expand beyond where we already provide audit services: Alabama, Florida, Mississippi, and Tennessee. It also diversifies our suite of services which helps to ensure profitability for LEVERAGE. A profitable and growing LEVERAGE helps the League expand services, which in turn helps all of our member credit unions.
We’re excited for the first step for LEVERAGE in 2014. I hope all of you will consider LEVERAGE for your next audit. You can't beat their experience. All they do is work with credit unions. You can find more about our audit and compliance services at www.myleverage.com.
Patrick:. I’ll be working
out of the Tallahassee office this week. We have our first management team
meeting on Wednesday. Our Florida PAC Trustees have a call on Friday. To see my
schedule for the next two weeks visit the LSCU Information for Credit Unions webpage.