Lending Tools Inks ACH Pact with LaCorp
Lending Tools, the Wichita, Kan., provider of third-party correspondence services, announced Monday that it had reached agreement to replace Louisiana Corporate’s APEX ACH system with LT’s Private Correspondent Gateway.
David Savoie, CEO of LaCorp in Metairie, La., said in a statement, “It was important for us to find a vendor with the experience and technology to help us continue providing high quality operational services to our member credit unions. LT has a proven track record for providing specialized technology to correspondent institutions and can do so in a time frame that meets our needs.”
Savoie stressed in an interview that LaCorp’s proposed merger with Irondale, Ala.-based Corporate America remains on track. “It has been approved by the state bodies in Louisiana and Alabama and now the paperwork is with NCUA.”
Given the uncertainty about timing of the merger, however, Savoie said he wanted his membership to have in place an assured solution as prices hikes come to users of ACH services at U.S. Central Bridge as it winds down its operations.
Savoie indicated that Corporate America had agreed that LaCorp members who wanted to continue on with LT after the merger would be permitted to do so. “This solution provides continuity of service with minimal disruptions,” he said.
In recent weeks LT has announced similar deals with Wichita-based Kansas Corporate, Louisville-based Kentucky Corporate, VolCorp in Nashville, Tenn., St. Louis-based Missouri Corporate, and Tricorp in Westbrook, Maine.