ONTARIO, Calif. And ATLANTA — Credit Union Service Corporation, the nationwide shared branching network headquartered in Duluth, Ga., has become part of CO-OP Financial Services, the two organizations announced today.
CUSC member credit unions signed off on the purchase of 51% of CUSC, which will continue as the shared branching arm of CO-OP. With the merger, the new organization will represent 80% of nationwide shared branching participants, the organizations said in a prepared statement.
"CUSC and CO-OP share the common goal of providing our participant credit unions with delivery channels that meet their members' needs," said Carroll Beach, CUSC president/CEO. "By combining forces, we're giving credit unions even more economies of scale to provide convenience for their members. We're enthusiastic about this opportunity to enhance our shared branching efforts and create the most relevant tools for our clients, such as our ground-breaking NGN switch."
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Under the terms of the agreement Beach will continue on as President and Chief Operating Officer of the new organization and report to the CO-OP Board and Stan Hollen, CEO of CO-OP Financial Services.
"I'm looking forward to working with Carroll, who's been an influential presence in the credit union industry for more than 30 years," said Hollen. "This is also a rare opportunity to blend two premier credit union-owned businesses to create an even stronger entity. With CO-OP based in California and Michigan, and CUSC in Georgia, this is a smart fit geographically, strategically and technologically."
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