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Volunteer Corporate Member Makes Successful SimpliCD Offering

5/28/04


NASHVILLE, TN – VolCorp announced a successful certificate of deposit offering with FAA Federal Credit Union as its first SimpliCD issuer. SimpliCD provided FAA Federal Credit Union access to investors nationwide which resulted in generating the liquidity needed by the credit union in just two hours. This was achieved without direct cost to the credit union.

According to Stan Fraser, President, FAA Federal Credit Union in Memphis, Tennessee, “For liquidity purposes, it’s nice to have another option available to us. And, for the program to work so well and in such a short period of time was just amazing!”

Bruce Fahnestock, VolCorp’s Pres/CEO said, “We are very proud of the success of this offering and expect many more credit unions to be utilizing this liquidity product.”

SimpliCD is a certificate of deposit program that offers America’s credit unions convenient access to federally insured CD’s from issuers nationwide. For credit unions interested in improving their liquidity, becoming an issuer is an easy solution and it’s simple. Credit Unions can issue federally insured CD’s through SimpliCD, making their deposit offerings available to a larger pool of potential investors. Thus, allowing credit unions to raise substantial funds quickly, all in one simple step.

Benefits for SimpliCD issuers include:

• Centralized way to raise funds and generate liquidity through federally insured CDs
• Access to nationwide market of institutional investors
• A competitive alternative to other funding methods
• Assistance in developing the terms of issuance
• The ability to pool investors into one CD, saving you time and money
• The ability to issue certificates in amounts and terms tailored to suit your asset/liability needs
• Free market analysis (SimpliCD shops the market for you)
• No direct expense for issuing