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CU Capital Management

Strategic Balance Sheet Management for Credit Unions

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Strategic Balance Sheet Management for Credit Unions

CU Capital Management is a CUSO that was created alongside credit unions and credit union industry experts to bring unique capital and asset opportunities to credit unions.

CU Capital Management manages a network of CUSOs focused exclusively on sale leasebacks for credit unions including opportunities for credit unions to participate as sellers/lessees, as investors and/or as lenders.

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Overview of Opportunities

The unique model created by CU Capital Management allows credit unions to participate in all aspects of the sale leaseback value chain as outlined below.

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Sale Leaseback

Credit unions can sell real estate used for operations (headquarters, operations centers, call centers, branches, etc.) and enter into a long-term leaseback of the space while immediately booking a capital gain of the difference between market value and carried value.

CUSO Investment

Through a CUSO structure, credit unions have the opportunity to invest in sale leaseback transactions by other credit unions.  CUSO investors can expect to receive a net annual return of over 5% on their CUSO investment through the safe and reliable income generated by long-term leases to credit union tenants.


Credit unions have the opportunity to lend on sale leaseback transactions by other credit unions, either as the original lead lender or as a purchaser of a loan participation interest.  Credit unions will be able to lend under both their Member Business Lending and CUSO lending powers.  A diverse array of lending opportunities will exist including variable and fixed rate loans with a range of term lengths .

Sale Leasebacks for Credit Unions

Sale leaseback transactions provide credit unions the opportunity to optimize their balance sheet by unlocking capital through the sale of appreciated assets.

Through CU Capital Management, credit unions can access a turnkey solution to monetize real estate holdings for purposes of growing capital and enhancing reserves, expanding lending and investment capacity and significantly increasing their ability to serve members.

The unique CUSO structure of the CU Capital Management sale leaseback model allows credit unions to invest in and/or lend on similar transactions by other credit unions.

Please contact us to learn more about how a sale leaseback transaction can benefit your credit union today.

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NACUSO Business Services

CU Capital Management is proud to be the first and only Promotion Partner of NACUSO Business Services, a wholly-owned subsidiary of NACUSO.  In establishing this partnership, NACUSO Business Services determined that CU Capital Management's CUSO network and collaborative business model provided uniquely significant value to the credit union industry.

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Maps Credit Union

CU Capital Management is proud to have Maps Credit Union, based in Salem, OR as an investor and partner.  Maps Credit Union knows firsthand the benefits of sale leasebacks for credit unions, having conducted a sale leaseback of its own administrative building back in 2010 in order to raise capital and enable growth.  Maps has since repurchased the property and has grown in size to $1.1B in assets while serving over 71,000 members.


Sale Leaseback Portfolio

Representative credit union sale leasebacks within CU Capital Management's sale leaseback network are below.  Please contact us for additional details related to any specific transaction.

Credit union equity investments into sale leasebacks for credit unions

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News and Resources

A CUSO Funded by 23 Credit Unions Buys Affinity's New Jersey Headquarters

In December 2022, CUSO Realty Investors One, LLC ("CRIO"), a CUSO co-owned by 23 credit unions, closed on the acquisition of Affinity Federal Credit Union's ("Affinity") headquarters property in Basking Ridge, NJ.  Affinity, which had owned and occupied the property since 2008, will lease back the full property for an initial term of 20 years.  Michigan State University FCU was the lead lender on the deal, with other credit unions purchasing participation interests.  CU Capital Management negotiated the transaction and managed the funding and closing process on behalf of CRIO.  

NYMBUS CUSO's C-Suite Interviews: Guy Messick and Mitchell Amsler

In the eighth installment of NYMBUS CUSO's C-Suite Interviews, John Janclaes (President, NYMBUS CUSO) sits down with Guy Messick (CEO, NACUSO Business Services) and Mitchell Amsler (CEO, CU Capital Management) to discuss the unique opportunities available to credit unions through CU Capital Management's credit union sale/leaseback CUSO network.

The Road to Success is Paved with Capital (from Sale/Leasebacks)

Guy Messick shares why all credit unions can benefit from taking steps to raise capital at this time.  Credit unions can increase capital organically over time through regular earnings or by issuing secondary capital but those are not always ideal solutions.   A third option for raising capital is now available to credit unions that are fortunate enough to own real estate used for operations.  That option is a sale/leaseback and doing so with a CUSO structure is a great solution for credit unions.

CUSO Purchases Wescom's Headquarters in Sale/Leaseback Deal

Using investments from 20 credit unions, a CUSO has purchased Wescom Central Credit Union’s office building in a sale/leaseback deal.  The buyer is CUSO Realty Investors One, LLC (“CRIO”), which is a CUSO solely owned by credit union investors.  CU Capital Management, LLC (“CUCM”), which is also a CUSO, managed the fundraising, bidding and purchasing process on behalf of CRIO, according to the companies.  Wescom will lease back the entirety of the building for an initial term of 15 years with options to renew. 

CUSO Network Created to Offer Sale/Leasebacks to Credit Unions

The public introduction of the new CUSOs, CU Capital Management (co-owned by Maps Credit Union of Salem, OR) and CUSO Realty Investors One (co-owned by 20 credit unions nationwide), came during the March 2022 NACUSO Network Conference held in Orlando, FL., following by about a month the closing of their first sale/leaseback deal.  In addition to a presentation at the General Session, Guy Messick and Mitchell Amsler  led a breakout session titled “Opportunities in Sale Leasebacks. More Capital. More Investment Returns. More Loans.”

Announcement of Partnership with NACUSO Business Services

NACUSO Business Services ("NBS"), a wholly-owned subsidiary of NACUSO, has chosen CU Capital Management as its first Promotion Partner.  In evaluating CU Capital Management as a Promotion Partner, NBS determined that the firm exemplified its criteria of furthering the mission of NACUSO to strengthen credit unions through the power of collaboration and reflected well on NACUSO’s reputation for integrity and professionalism.

CUNA GAC Interview with NACUSO Leaders

Guy Messick, CEO of NACUSO Business Services (NBS), discusses NBS' founding partnership with CU Capital Management (CUCM).  Guy focuses on the benefits of sale leasebacks for credit unions and highlights why a CUSO structure can be a win-win for credit unions participating as sellers, investors and/or lenders as evidenced by CUCM's first sale leaseback transaction, successfully acquiring a credit union headquarters building with 20 credit union investors into the CUSO.

ASC Topic 842: Lease Accounting

Moss Adams guide to the new lease accounting standards, ASC 842.  In a sale leaseback transaction, the seller can now recognize the full and complete gain-on-sale in the current period.  Under the old accounting standard, ASC 840, the gain-on-sale was required to be recognized over the lease term.  ASC 842 is currently in a voluntary adoption period for credit unions with mandatory adoption in 2022.

Current Expected Credit Loss FAQs for Credit Unions

Beginning in 2023, credit unions will need to recognize current expected credit losses (CECL) in full, at origination, for loans and investments.  CECL replaces the current Allowance for Loan and Lease Losses (ALLL) accounting standard and is expected to result in an immediate hit to capital upon implementation as well as on a go-forward basis for most credit unions.  This paper from the NAFCU provides answers to FAQs on how CECL may affect credit unions.

West Community Credit Union Sale Leaseback

In March 2019, West Community Credit Union was sitting on a Net Worth Ratio of 8.12% and facing growth constraints when it closed on a sale leaseback transaction of its corporate headquarters.  This transaction successfully raised the credit union's Net Worth Ratio by 80 basis points while simultaneously allowing the institution to rebuild a branch, invest in new technology for members and generate additional annual net interest income well in excess of the new lease expense.

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