MONETT, Mo. (11/2/09)--Jack Henry and Associates announced its acquisition of Pemco Technologies, a subsidiary of PEMCO Corp., which provides payment processing solutions for the credit union industry. Terms of the transaction were not disclosed. Pemco offers services including debit signature processing; personal identification number-based processing; ATM services; cardholder awards programs; fraud management, detection and prevention solutions; personalized cards; and prepaid card programs. The acquisition supports Jack Henry’s expansion in the electronic payments industry, according to Jack Prim, the company’s CEO. “This acquisition expands our presence in the credit union space and enables us to broaden our reach outside our core client base,” he said. “We can sell these solutions to any credit union, regardless of core processing system, that has an in-house credit card program and needs a third-party getaway service to pass credit card transactions to Visa and MasterCard for processing.” PEMCO Corp. decided to divest the Pemco Technologies business line to focus on its primary insurance business, Jack Henry said in a release. Jack Henry, Monett, Mo., is a provider of computer systems and ATM, debit card and automated clearinghouse transaction processing services for financial institutions, including credit unions.
FAIRBORN, Ohio (11/2/09)--Wright-Patt CU and its wholly owned subsidiary have acquired Select Mortgage Group (SMG) to bolster mortgage services to credit unions and their members. SMG President Rodger Merkel and Vice President of Sales David Mills will continue to lead the company, which has 12 employees, under the current business name. The acquisition will boost Wright-Patt’s myCUmortgage processing and underwriting services, the credit union said. “As our mortgage business has grown, we were looking for a way to expand,” said Tim Mislansky, Wright-Patt senior vice president and president of myCUmortgage. “SMG’s infrastructure and credit union client base offer us the opportunity to expand. Over time we expect to create synergies to lower the cost of home financing to credit union members, enhance how we help credit unions serve their memberships’ mortgage needs, and help credit unions keep more of the revenue generated by mortgage lending,” Mislansky said. Wright-Patt CU, Fairborn, Ohio, has $1.6 billion in assets.