CO-OP Financial Services has finished buying CO-OP LoanLink from CUNA Mutual Insurance Group, the CUSO has announced.
The sale was made public on Oct. 7 and completed on Oct. 31, CO-OP said.
“With CO-OP LoanLink Center, CO-OP Financial Services is taking another step to ensure the 24x7 access and convenience credit union members expect from their financial institution,” said Stan Hollen, President/CEO, CO-OP Financial Services. “We can help credit unions meet the needs of their members without increasing staff overhead, as well as grow their lending operations.”
Since 2003, CO-OP LoanLink Center has had an exclusive agreement to use the Next Generation Network platform, which is part of CO-OP Financial Services today. With the acquisition of CO-OP LoanLink Center, credit unions are better positioned to leverage their existing connectivity to NGN for member service and lending activities, in addition to other CO-OP Financial Services NGN products, including CO-OP Mobile and CO-OP My Deposit.
CO-OP LoanLink Center will continue to operate at its location in Fort Worth, Texas, and no immediate changes are planned for the business, though it will be re-branded so that it will be recognizable as a CO-OP Financial Services offering. Under the acquisition agreement, CUNA Mutual Group and CO-OP Financial Services will partner in CO-OP LoanLink Center sales.