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CO-OP to buy SHARE SYSTEM from Members United Corporate
WARRENVILLE, Ill., and RANCHO CUCAMONGA, Calif. (3/16/10)--Members United Corporate FCU and CO-OP Financial Services have entered into a non-binding letter of intent for CO-OP to purchase SHARE SYSTEM from Members United for an undisclosed amount. SHARE SYSTEM is an ATM and debit card program for credit unions, primarily in Indiana. "While this service is extremely valuable to many of our members, it is a product that for us is unsustainable over the long term due to aggressive marketplace competition and ongoing investments in technology," said Joseph P. Herbst, CEO of Members United. The corporate "sought a credit union-owned organization that does business at an appropriate scale to offer value and seamless integration for our members, and that would be willing to retain the SHARE SYSTEM staff to ensure a smooth transition for the credit unions and their members," Herbst added. Stan Hollen, president/CEO of CO-OP, said the "acquisition adds 69 new payment processing credit unions to CO-OP Financial Services and more than 100 ATMs to the surcharge-free CO-OP Network. This is an extension to our market presence, particularly in Indiana, that will enable us to provide even more comprehensive coverage for the access and convenience needs of credit unions and their members." During the next few weeks, CO-OP and Members United will complete due diligence and finalize definitive terms of agreement. The transaction is expected to close during the second quarter, they said.


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