ST. PAUL, Minn. (9/9/13)--MnIPC, a wholly-owned subsidiary of the Minnesota Credit Union Network, has completed the purchase of ProDraft Services LLC, a North Dakota-based credit union service organization (CUSO) that provides correspondent and electronic fund transfer processing solutions.
Based in St. Paul, Minn., and serving clients nationwide, MnIPC is an independent item processor serving credit unions for more than 30 years.
Together, the combined companies will move forward under the MnIPC name.
The merging of two companies creates additional strength for MnIPC clients and offers a continuation of the services offered by ProDraft, with the benefits of enhanced technology, greater efficiencies and increased financial stability, MnIPC said. In addition, the merger allows MnIPC to offer expanded products and services to its clients and be well-positioned for future growth opportunities.
The purchase of ProDraft expands MnIPC's footprint into neighboring North Dakota, which complements its nationwide expansion that began several years ago. Earlier this year, MnIPC announced a cooperative effort with CUsource in Montana, adding CUSOs to its client list and enabling the company to showcase its quality of service on a national level.
The acquisition of ProDraft allows MnIPC to increase volume, pricing power and overall efficiencies.