CO-OP Financial Services has acquired the Des Moines, Iowa-based payments processor TMG in a $100 million all-cash deal and has restructured its management team, according to an announcement today.

The Rancho Cucamonga, Calif.-based CUSO has been a minority owner in TMG for some time but said Monday that it has purchased all the remaining shares of TMG from the Iowa Credit Union League. TMG serves approximately 400 credit unions and processes transactions for about six million cardholders across the U.S. and Canada. CO-OP Financial Services has $376 million in assets and serves about 3,500 credit unions, as well as about 60 million consumer account holders.

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