CO-OP Completes Purchase From U.S. Central Bridge
CO-OP Financial Services said it has completed its acquisition of Corporate Network eCom LLC from U.S. Central Bridge.
The California CUSO’s bid for that part of the conserved corporate was approved by the NCUA in December and includes mobile and online bill pay services now used by about 750,000 credit union members.
Employees of the Lenexa, Kan., operation now work for CO-OP. U.S. Central was placed into conservatorship by the NCUA in March 2009, 10 years after it was created, and the NCUA plans to shut down the ACH and automatic settlement operations by the end of the year.
“The bill pay services of eCom are a perfect extension of the e-commerce business line of CO-OP Financial Services,” said CO-OP President/CEO Stan Hollen.
“The transition of eCom services to CO-OP is so complementary that eCom clients will not need to change payment processing platforms. This acquisition will help our clients compete even more effectively in the future against banks in terms of access and convenience services they can offer their members,” Hollen said.