SELCO Community CU Buys Stake in Card Processing CUSO
Member Access Pacific, a card processing aggregator, said SELCO Community Credit Union has acquired one-quarter ownership in the CUSO.
The $1 billion cooperative in Eugene, Ore., began processing its debit, credit and ATM services with MAP in 2011, according to the Seattle-based CUSO.
MAP said it is the nation’s only aggregator of the Visa debit processing platform for credit unions serving more than 100 credit unions in 22 states.
“In partnering with MAP, we join a leading CUSO in the fast-growing payments industry,” said Bob Newcomb, president/CEO of SELCO Community. “We are excited to be part of a CUSO known for its unparalleled, innovative payment solutions and we look forward to being part of its future.”
In additional to its MAP ownership, SELCO Community said it owns investment subsidiary SELCO Financial Solutions, SELCO Insurance Services, and ownership in SELCO Mortgage Co. LLC.
Serving 26 counties throughout Oregon, the credit union has more than 90,000 members.