MnIPC said this week it has completed the purchase of ProDraft Services LLC, a Bismarck, N.D.-based CUSO that provides correspondent and EFT processing solutions.
Based in St. Paul, Minn., and serving clients around the country, MnIPC is a wholly owned subsidiary of the Minnesota Credit Union Network that has offered item processing and other solutions nationwide to its clients for more than 30 years.
Together, the combined companies will move forward under the MnIPC name, the companies said.
The merging of these assets aims to create additional strength for MnIPC clients and offers a continuation of the services offered by ProDraft, with the benefits of enhanced technology, greater efficiencies and increased financial stability, according to MnIPC.
In addition, the merger allows MnIPC to offer expanded products and services to its clients and be well-positioned for future growth opportunities, MnIPC said.
“We are excited about the ProDraft purchase and are looking forward to the opportunities that the newly acquired ACH and ‘payable through’ products and services will bring to MnIPC as we continue to market our services nationally,” said MnIPC Vice President Michelle Carlson.
The purchase of ProDraft significantly expands MnIPC’s footprint into neighboring North Dakota, which complements its nationwide expansion that began several years ago, according to MnIPC.
Earlier this year, MnIPC announced a cooperative effort with CUsource in Great Falls, Mont., which added CUSOs to its client list and enables the company to further showcase its services nationally, the companies said.