By Guy Messick
Advisor
NACUSO Business Services
“Show me the money!” Credit unions are having a Jerry Maguire moment. Credit unions need more money and they need it now. To remain competitive, it is essential that credit unions grow to meet the changing expectations of their members. Credit unions need more income, liquidity, and capital to fund and support that growth.
NACUSO has discovered a CUSO that shows credit unions the money, CU Capital Management (CUCM), a CUSO co-owned by CEO Mitchell Amsler and Maps Credit Union. CUCM manages a 100% credit union-owned CUSO network that funds sale-leaseback transactions with other credit unions.
Credit unions that own real estate — including headquarters, operations centers, and branch networks — sell their real estate to a CUSO, which results in an instant boost to the credit union’s liquidity and capital. As of April 2026, CUCM has completed sale-leasebacks with seven credit unions across fifteen properties, resulting in $226,940,000 to these selling credit unions along with estimated capital gains of $128,950,000. Think of what they can do with those funds. For example, the plan might be to buy AI-enabled technology, augment or add lending products, hire expertise, open more branches, invest in an operations CUSO, restructure an investment portfolio, offset loan losses, or support a merger strategy. The bonus is that the selling credit unions have a long-term relationship with a CUSO landlord and not a series of private fund managers.
On the investor side, credit unions invest in a CUSO that funds these purchases. The investor credit unions receive a very attractive investment return paid quarterly. The annualized returns have grown from just under 5% in 2022 to nearly 6.25% in 2025. The returns increase as the rent paid under the leases increases annually and additional properties are added. The anticipated returns in 2026 exceed 7%. Some purchases are partially funded with a credit union loan. The CUSO investors have priority to lead or participate in the loans.
More than two-thirds of all credit unions own real estate that sits on their books as a depreciating and inaccessible asset that is collectively valued at over $34 billion. The market value of this real estate is much higher. This is a transformational opportunity for credit unions to collaborate to unlock this value and support the growth of the entire industry. The CUSO network’s original 24 credit union investors have already invested over $117,000,000, but that is not enough to keep up with the purchase opportunities. We need more credit union participation in the sale-leaseback CUSO network to ensure that we can keep these income opportunities within the credit union industry and away from predatory private investment funds.
This CUCM business model is so effective at demonstrating the benefits of the CUSO business model that NACUSO has agreed to assist CUCM in communicating the opportunities to credit unions. As Advisor to NACUSO Business Services, that is my role.
Non-interest income, interest income, liquidity, and capital… If your credit union wants more, let us “Show you the money!”
For more information about CU Capital Management, visit cucapitalmanagement.com or reach out directly to Mitchell Amsler (mitchell@cucapitalmanagement.com) or Guy Messick (guy@nacuso.org).
About the Author:
Guy Messick
Advisor
NACUSO Business Services
Guy served as NACUSO General Counsel for over 40 years, advocating for CUSOs with Congress, NCUA and other regulatory agencies. He has authored a book on credit union collaborations and is honored as a CUSO pioneer in America’s Credit Union Museum in Manchester, New Hampshire.