The $22 million Metco Credit Union in Cedar Rapids, Iowa, will be converting its core processing to the Sharetec system from Bradford-Scott Data Corp., the company and credit union said.
The 3,000-member Metco CU currently runs on the UltraData platform from Harland Financial Solutions, according to the Callahan & Associates Technology Survey.
“We really like the Sharetec system’s functionality, especially in lending and member service, but what sets them apart in my mind is its ability to significantly increase our noninterest income,” said Brad Mertens, Metco CU CEO.
“When we met Brad, he indicated that his credit union is at a crossroad. He felt that the status quo is fine when the economy is booming. In order to survive in this new economy, he feels his credit union needs to grow,” said Kevin Kolar, vice president at Indianapolis-based Bradford-Scott.
The Sharetec system is now in use at more than 300 credit unions, according to Bradford-Scott, one of its four regional distributor-owners.