ST. PAUL, Minn. (1/11/12)--Check processor MnIPC has redeemed its stock from Minnesota credit unions and transferred complete ownership to the Network Service Corporation, a wholly owned subsidiary of the Minnesota Credit Union Network (MnCUN).
A stock offering was introduced to raise capital for the purchase of equipment and to build the infrastructure necessary for the business.
The MnIPC Corp. was originally formed in 1994 to provide credit unions a cost-effective check processing alternative. Since the original stock subscription, MnIPC has experienced consistent growth and success, posting a profit for 15 consecutive years, the company said.
"Over the years, MnIPC has consistently provided excellent member service and innovation, which has led to the evolution of the high-tech, high-touch organization it is today," said John Ferstl, MnCUN vice president of Network Service Corp.