MADISON, Wis. – CO-OP Financial Services said yesterday it has agreed to buy The LoanLink Center from CUNA Mutual Group, the latest asset sale by the credit union insurer.
The acquisition of the loan call center will give CO-OP another way to offer members 24x7 access to their credit union accounts and will help sustain and expand credit union call center support, CO-OP said.
Under the terms of the agreement, CO-OP will assume operations and all employees for The LoanLink Center, which will continue to operate at its present location in Ft. Worth, Texas. The companies will partner in the sales and remarketing process, and CO-OP will rely upon CUNA Mutual's loanliner.com and Lenders Development Program to enable the cross sale of insurance on lending transactions.
"CUNA Mutual is choosing to focus on products that are core to its financial success and core to credit unions’ business objectives," said CUNA Mutual spokeswoman Maripat Blankenheim, "In products where we are unable or have not demonstrated an ability to differentiate, we will partner with respected vendors to deliver industry-leading solutions. In this circumstance, CO-OP is an ideal candidate."
Financial terms of the deal were not disclosed.
The deal comes just two weeks after CUNA Mutual sold its majority stake in its Canadian affiliate, CUMIS Group Ltd., for $215 million to Co-operators Life Insurance Co and Central 1 CU.
