The $8.4 billion Members
United Corporate FCU has shed its ATM and debit card program SHARE SYSTEM, calling the service "unsustainable over the long term."
The Warrenton, Ill.-based corporate announced today they intend to sell the service to the Rancho Cucamonga, Calif.-based CO-OP Financial Services. The deal is expected to close sometime during the second quarter.
Members United President/CEO Joe Herbst called SHARE SYSTEM "extremely valuable" to members, but said it is unsustainable over the long term due to "aggressive marketplace competition and ongoing investments in technology."
"In selecting a new provider, we sought a credit union-owned organization that does business at an appropriate scale to offer value and seamless integration for our members, and that would be willing to retain the SHARE SYSTEM staff to ensure a smooth transition for the credit unions and their members," Herbst said. "CO-OP fits those requirements perfectly."
The purchase will add 69 new payment processing credit unions and more than 100 ATMs to the CO-OP network, said CO-OP President/CEO Stan Hollen.
"This is an extension to our market presence, particularly in Indiana, that will enable us to provide even more comprehensive coverage for the access and convenience needs of credit unions and their members," Hollen said.