MANHATTAN BEACH, Fla. – Kinecta FCU said it adding its name to 53 check cashing outlets it acquired last year, as part of a pilot program to bring financial services to Los Angeles’ underserved.
As part of last year’s acquisition of Nix Check Cashing, Kinecta has opened service windows at five Nix stores and plans to expand into all 53 outlets. The windows will offer a limited number of services, like a payday loan with a savings component, and recruit new members to the $4.4 billion credit union.
Kinecta said yesterday it has added 15,000 new members so far through the Nix deal and installed 36 ATMs in Nix outlets.
The credit union acquired Nix last year for $45 million and with it approval by NCUA to serve more than five million Angelenos surrounding Nix outlets.
"This is the largest partnership of its kind in the nation and while it will take some time to combine our companies, our ultimate goal is to convert the Nix offices into credit union offices, while retaining both the Nix name and the Kinecta name," said Simone Lagomarsino, president of Kinecta.
