The sale was made public on Oct. 7 and completed on Oct. 31, CO-OP said.
"With CO-OP LoanLink Center, CO-OP Financial Services is taking another step to ensure the 24/7 access and convenience credit union members expect from their financial institution," said Stan Hollen, president/CEO of CO-OP Financial Services. "We can help credit unions meet the needs of their members without increasing staff overhead."
Since 2003, CO-OP LoanLink Center has had an exclusive agreement to use the Next Generation Network platform, which is part of CO-OP Financial Services today. With the acquisition of CO-OP LoanLink Center, credit unions are better positioned to leverage their existing connectivity to NGN for member service and lending activities, in addition to other CO-OP Financial Services NGN products, including CO-OP Mobile and CO-OP My Deposit.
CO-OP LoanLink Center will continue to operate at its location in Fort Worth, Texas, and no immediate changes are planned for the business, though it will be rebranded so that it will be recognizable as a CO-OP Financial Services offering. Under the acquisition agreement, CUNA Mutual Group and CO-OP Financial Services will partner in CO-OP LoanLink Center sales.