A credit union company providing shared branch services to credit unions in Connecticut, South Carolina and Virginia said it is acquiring a CUSO providing those services in Virginia and South Carolina.
The Credit Union Service Company of Virginia, LLC (CUSCVA) announced Tuesday that its shareholders have voted to approve the sale of its assets to Shared Cooperative Services, LLC, a subsidiary of Leverage.
Kiersten Harder, a spokesperson for The League of Credit Unions & Affiliates, said Leverage is wholly owned by the League, which represents 386 credit unions in Alabama, Florida, Georgia and Virginia. She said neither Leverage nor Shared Cooperative Services is a Credit Union Service Organization (CUSO).
The sale will occur Oct. 1, 2025.
Credit unions founded the Credit Union Service Company of Virginia (CUSCVA) in 1994 to give members across Virginia greater convenience through in-person access to shared branching services. Over the past three decades, the organization has grown into a network of 50 participating credit unions and 121 branch locations across Virginia and South Carolina.
Members have increasingly shifted to handling transactions by their smartphones or other online devices, “requiring shared branching to evolve in order to stay relevant, efficient and sustainable,” a news release from the groups said.
Paul Muse, CUSCVA’s chair and president/CEO of 1st Advantage Federal Credit Union of Yorktown, Va. ($1 billion in assets, 71,662 members) said CUSCVA followed the pattern set by The Virginia Credit Union League’s decision last year to join with The League of Southeastern Credit Unions to increase scale and reach.
“The decision to move forward reflects our responsibility to both preserve the cooperative spirit of shared branching and return strong value to our shareholders,” Muse said. “For 31 years, CUSCVA has expanded access and convenience for members. With this transition, we are positioning the network for continued success well into the future.”
Through this sale, CUSCVA’s shared branching network will become part of Shared Cooperative Services, which currently provides shared branching services to 87 credit unions in Alabama, Connecticut and Georgia. Together, the combined organization will serve more than 137 credit unions across five states. The shared branches are part of the national network of Velera, a CUSO based in Florida.
“Shared branching continues to play a vital role in the credit union system,” Steve Willis, president of Leverage, said. “We are honored to partner with Virginia and South Carolina credit unions to carry forward CUSCVA’s legacy while creating new opportunities for collaboration and growth.”
Contact Jim DuPlessis at JDuPlessis@cutimes.com.
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