Four Credit Unions Convert, Commit to New Cores
Four credit unions have announced core processing conversion completions or commitments in recent days.
Two of the four have committed to the Symitar Episys platform while the other two are going to Sharetec, the distributor-owned solution based in Lino Lakes, Minn.
The largest is the $945 million TruStone Financial Federal Credit Union in Plymouth, Minn., which said it has completed its conversion to an in-house version of the Symitar Episys platform from the California-based subsidiary of Jack Henry & Associates of Monett, Mo.
TruStone had been on the Fiserv Acumen platform, according to data from Callahan & Associates. Fiserv has said it is sunsetting that platform in favor of the DNA system it acquired when it bought Open Solutions last year.
Also completing its conversion to Episys is the $49 million Southcoast Health System Federal Credit Union in New Bedford, Mass. That credit union will be running the solution through a service bureau operated by Synergent Technology Services, part of the Maine Credit Union League. Southcoast Health Systems had been a Fiserv Spectrum core processing client, Callahan data show.
Meanwhile, the $39 million CPS IBEW Federal Credit Union in San Antonio said it plans to convert to the Sharetec System through Data Systems of Texas, a Waco-based owner-distributor of the platform now in use by about 300 credit unions.
CPS IBEW also is currently listed as a Fiserv client by Callahan, in this case on the Galaxy account processing platform.
The $35 million County-City Credit Union in Jefferson, Wis., also is converting to Sharetec through another owner-distributor, Bradford-Scott in Indianapolis. Callahan data show it as a current client of CU*Answers, the Grand Rapids, Mich.-based CUSO.
CU*Answers, meanwhile, said it has added its 123rd credit union owner-investor, the $155 million Monroe County Community Credit Union. CU*Answers said it has added five new owners so far this year and that about 220 credit unions are running on its CU*BASE platform.