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N.Y. association teams up with CU Student Choice

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ALBANY, N.Y. (3/16/10)--The Credit Union Association of New York has teamed up with Credit Union Student Choice, a credit union service organization (CUSO) that provides student lending services to more than 100 credit unions nationwide. The partnership takes the “guesswork” out of providing student lending services for credit unions, according to William J. Mellin, association president/CEO. “While private student lending by traditional lenders has fallen off, the cost of higher education has continued to escalate, creating a funding gap that can effectively be filled by credit unions,” he said. The CUSO has funded nearly $170 million in private student loans.

Louisiana league partners with CO-OP

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RANCHO CUCAMONGA, Calif. (3/16/10)--The Louisiana Credit Union League is partnering with CO-OP Financial Services to offer the CO-OP Network to Louisiana credit union members. The network offers access to 28,000 surcharge-free ATMs. The network will be marketed to the state’s 226 credit unions. The league has participated in CO-OP Shared Branching for more than 14 years. “We have a tremendous opportunity to expand surcharge-free ATM access to credit union members in Louisiana through this partnership,” said Eric Porter, CO-OP executive vice president of business development and marketing. CO-OP Financial Services is based in Rancho Cucamonga, Calif.

CO-OP to buy SHARE SYSTEM from Members United Corporate

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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.