Check Cashing Deal to Triple Kinecta FCU Branches

MANHATTAN BEACH, Calif. – By adding 55 check cashing outlets in a landmark acquisition of a local check cashing chain, Kinecta FCU will more than triple its branch network in the Los Angeles metropolitan area, making it a powerful presence in the lucrative market. Under the $45 million deal, the $4 billion credit union will acquire Navicert Financial and its 55 Nix Check Cashing outlets in the area, which will eventually been converted to full-service Kinecta FCU branches. Like the credit union’s current 23 branches, the outlets will offer a full variety of services, from loans, savings, insurance and financial education, as well as check cashing. In addition, the credit union hopes to convert many of the Nix customers to members. Nix had more than five million customer visits and $1.4 billion in transaction volume in 2006.