CO-OP Financial Services is the newest part-owner of a Maryland CUSO that provides business continuity and disaster recovery services to credit unions.
The big California-based CUSO's investment makes it the 22nd owner of Ongoing Operations. Ongoing Operations, based in Hagerstown, said it now serves about 125 credit unions representing 19% of industry assets and more than 4.6 million members.
"Credit unions are increasingly focusing on business continuity as a vital business process," said Kirk Drake, president of Ongoing Operations. "Bringing together leading CUSOs that play a key role in servicing members will help us build stronger solutions for the entire industry."
"We look forward to working with Ongoing Operations and supporting their mission to help credit unions plan, prepare and protect," said Stan Hollen, president/CEO of CO-OP Financial Services.