Honor Credit Union is part of a major new strategic partnership that has been developed with a group called Element 22 Commercial Group, along with ten other credit union investors.
Element 22 Commercial Group recently finalized its partnership with those ten credit union investors marking the transition to a Credit Union Service Organization (CUSO).
Founded in 2018 by Kenneth Leonard and Ryan Reffitt, Element 22 Commercial Group is one of three member business lending organizations in the State of Michigan servicing clients’ end-to-end commercial lending needs. Investing credit unions include:
- Allegan Community Federal Credit Union
- Community First Federal Credit Union
- First United Credit Union
- Frankenmuth Credit Union
- Honor Credit Union
- Kellogg Community Credit Union
- Marshall Community Credit Union
- Preferred Credit Union
- TBA Credit Union
- Wolverine State Credit Union
Honor Credit Union is the largest institution engaged in the organization, with nearly 84,000 members across the state and $978.1-million in assets. Collectively, the 10 credit unions invested $500,000 in Element 22 to represent their collective base of nearly 260,000 members and more than $3.14-billion in total combined assets.
Reffitt, who serves as President of Element 22 Commercial Group says, “With the support of our investor credit unions we are able to do more collectively than any of us could do individually,” and adds, “These partnerships bring a diversity in strategy and perspective directly benefiting all our clients and their members.”
Element 22 Commercial Group provides customized commercial lending solutions with a goal of making the business of commercial lending efficient and comfortable. Services range from commercial loan origination and servicing to more specific niche needs, including underwriting assistance and commercial loan processing support.
Element 22 Commercial Group also acts as a catalyst for borrowers, connecting businesses seeking loans with financial institutions. With an over-arching mentality that there is no one size fits all commercial lending solution, Element 22 Commercial Group approaches each client’s strategic goals and risk profile uniquely.
Kenneth Leonard is CEO of Element 22. He says, “We are so appreciative of our investor credit unions’ belief in our mission,” and notes, “With their support, we are able to accelerate our strategic goals and ultimately help more clients achieve commercial lending success.”
Karen Browne, CEO of TBA Credit Union, headquartered in Traverse City says, “We are very excited to be a part of this CUSO as Kenneth and Ryan have already demonstrated their commitment to quality, efficiency, strategy, and service.”
Element 22 Commercial Group’s central office is in Portage, Michigan. The member business lending organization is currently serving clients in Michigan with the ability to service clients nationwide. To learn more and request a free strategic consultation you can visit the group online at: http://www.element22cg.com
