Case Study: Ascend Federal Credit Union achieves deposit growth with ModernFi CUSO

How Ascent Converted Member Insights into Deposit Growth in Two Weeks

Ascend Federal Credit Union, a large Tennessee-based institution, needed a sustainable way to attract and secure large deposits from its members following the collapse of Silicon Valley Bank. The challenge was their previous lack of access to the reciprocal deposit networks that banks have long used, which led them to partner with ModernFi and its CUSO deposit network service.

ModernFi implemented its solution through a hands-on, collaborative rollout that included comprehensive staff training, data analysis, and marketing support. This enabled Ascend to immediately identify and engage a key member, who consolidated their deposits with the credit union within just two weeks of outreach. The successful partnership has identified over 900 additional opportunities, equipping Ascend to scale the solution for significant future deposit growth and enhanced member security.

Ascend Federal Credit Union

David Feldhaus

Chief Financial Officer