CO-OP Financial Services has acquired the Des Moines, Iowa-basedpayments processor TMG in a $100 million all-cash deal and hasrestructured its management team, according to an announcementtoday.
The Rancho Cucamonga, Calif.-based CUSO has been a minorityowner in TMG for some time but said Monday that it has purchasedall the remaining shares of TMG from the Iowa Credit Union League.TMG serves approximately 400 credit unions and processestransactions for about six million cardholders across the U.S. andCanada. CO-OP Financial Services has $376 million in assets andserves about 3,500 credit unions, as well as about 60 millionconsumer account holders.
The deal brings the business to nearly $500 million in combinedrevenues, CO-OP President/CEO Todd Clark told CUTimes.
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