CU Direct in Ontario, Calif., has acquired CU Direct Connect of Colorado.
CU Direct, a credit union service organization, said the acquisition would improve its ability to provide outsourced loan processing services and indirect lending solutions to credit unions. CU Direct Connect, based in Centennial, Colo., provides auto loan financing.
The two companies said their combined operations will reach 1,183 credit unions and 16,521 auto dealers across the country.
“We will continue to help credit unions make more loans and improve their efficiencies,” Tony Boutelle, president and CEO of CU Direct, said in a statement Tuesday. “Since its inception, CUDC has been dedicated to making the lending experience fast, easy and exceptional. Together we will expand upon that commitment with next generation solutions and services credit unions and dealers will embrace.”
Blair Korschun, president and CEO of CU Direct Connect of Colorado, said the partnership between the two companies “will provide significant benefits to our clients and to the industry as a whole, with a priority of delivering new products and services through our new Origination Services Division.”
Korschun will head the new CU Direct Origination Services Division, which will remain at the current CUDC office in Centennial.
Todd Marksberry, president and CEO of Canvas Credit Union and chairman of CU Direct Connect, will join CU Direct’s board, the two companies said.
