CU Item Processors To Merge
IRMO, S.C. – Palmetto Cooperative Services announced this morning it plans to consolidate its item processing operations with Cooperative Services, Inc., to create a processor serving more than 600 credit unions and banks in 20 states that will be known as PCSi.
“Our processing services and image-based solutions have evolved to the point where we felt our item processing unit needed its own identity,” said Ed Culpepper, CEO of Palmetto Cooperative Services. “The merger of our item processing operations with Cooperative Services, Inc. doubles our volume and increases our efficiency which will allow us in some cases to pass along savings to our customers of up to 20%.”
Palmetto Cooperative is 42-year-old credit union service organization and a pioneer in share draft processing and Check 21 imaging that provides services to more than 400 credit unions.
Georgia-based CSI was created by the Georgia CU Affiliates and six credit unions and is now owned by 61 credit unions and provides item processing for 140 credit unions.