The LoanLink Center is a 24 hour call center that offers member services and indirect lending for credit unions.
"The center fits with our strategy of access and convenience. We will continue to work closely with CUNA Mutual and will look to grow both the loan and member service sides of the center," said Stan Hollen, president/CEO of CO-OP.
As part of the agreement, CO-OP will partner with CUNA Mutual in the sales and remarketing process of the center, and CO-OP will continue to support CUNA Mutual's lonaliner.com and Lenders Development Program through insurance cross sales on lending transactions.
"Our agreement with CO-OP brings together two companies equally committed to the success of the credit union market," said Jeff Post, president/CEO of CUNA Mutual. "Our agreement maximizes the strengths of both companies. CO-OP offers expertise in building innovative access and channel support, while CUNA Mutual is able to focus on its core insurance products."
CO-OP will retain all employees, and the center will continue to operate at its present location in Ft. Worth, Texas.
"I was very impressed with the call center. The facility is state of the art and only three years old and the staff is very well trained," Hollen said, adding that no current employees at the center will be let go as a result of the acquisition.
Hollen also said that he expects the transition to be very smooth and be "business as usual."
CO-OP has held employee meetings with the LoanLink staff and Hollen said that the employees were relieved and happy with the news.
Looking ahead, CO-OP will look to expand the center by looking at different types of support that can be provided and the potential for an outbound call service, basic collections service and mortgage origination service.
NCUA Announces 2010 Board Meetings
The NCUA last week announced the dates of its board meetings for next year.
All the meetings are on Thursdays at 10 a.m. EST at the agency's headquarters in Alexandria, Va. As is tradition, there is no meeting scheduled for August.
The dates are Jan. 29, Feb. 18, March 18, April 29, May 20, June 17, July 15, Sept. 16, Oct. 21, Nov. 18 and Dec. 16. The schedule is subject to change and updates are available at: www.ncua.gov/GenInfo/BoardandAction/Calendars/Meetings/index.aspx.