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COLUMBUS, Ohio – Corporate One FCU, one of the largest corporate credit unions in the country has reached an agreement with Area Financial Services Inc. (formerly known as Northwest Ohio Financial Services Inc.), a share draft and item processing CUSO jointly owned by seven CUs in northwestern Ohio, to acquire the CUSO’s share draft processing business. The agreement is effective Nov. 1, 2001. Area Financial Services processes share drafts for its seven credit union partners-Clyde-Findlay Area CU, Empire Affiliates CU, Firelands FCU, First Ohio CU, Fremont FCU, Glass City FCU and Toledo Area Catholic CU – as well as two other credit unions. It typically handles about 850,000 items a month. With more than $3.7 billion in assets under management, Corporate One FCU provides diverse products and services such as investments, ATM/debit cards, item processing, daily deposit services and ACH services. It provides share draft processing for 321 credit unions in Ohio and Indiana. It also developed and manages Alliance One, one of the largest ATM selective surcharging programs in the U.S., and SimpliCD, a turnkey jumbo certificate of deposit program that’s remarketed by 16 corporate credit unions nationwide. Corporate One spokesperson Paul Hixon said by Area Financial Services transferring the share draft processing portion of its business to Corporate One, the CUSO members will be able to take advantage of Corporate One’s digital share draft product and be able to access images of their members’ processed share draft items. Steve Favor, president/CEO, First Ohio Credit Union and a director for Area Financial Services Board said the CUSO has focused the majority of its resources on is data processing business. As a result of the acquisition, the CUSO will be able to concentrate soley on that portion of its business.

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