39 ND CUs To Move To PSI

The North Dakota Credit Union League has announced plans to sell its PRODATA data processing unit to Premier Systems, Inc., (PSI), an affiliate of the Iowa Credit Union League. As part of the acquisition, the West Des Moines, Iowa-based PSI plans to retain the PRODATA operation as a servicing hub for the 39 (of 65) North Dakota credit unions running the system. The North Dakota league indicated the cost of developing new technologies was an issue in the sale.

"PSI currently provides many cutting edge data processing products that we at PRODATA would not be able to afford to develop and disseminate to our credit unions," the league said in a released statement.

Founded in 1992, PSI provides an online solution of the ULTRADATA system to approximately 200 CUs nationally and offers a wide buffet of electronic services.

Jan. 1, 2002 has been set as the start date for the transition. PRODATA credit unions represent 76,000 members and total assets are more than $594 million.

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