Kinecta FCU Makes Major Push Into Check Cashing

MANHATTAN BEACH, Calif. – Kinecta FCU became the latest credit union to make a major incursion into check cashing with the acquisition of a family owned check cashing chain in the Los Angeles area, the credit union announced today. The credit union giant announced today it has agreed to pay $45 million to acquire Navicert Financial Inc., operator of the family owned Nix Check Cashing chain and its 55 outlets. The deal follows an agreement in June by Wescom CU, in nearby Pasadena, Calif., to acquire eight local check cashers known as Area Check Cashing Centers. After the acquisition, Navicert will change its name to Kinecta Alternative Financial Services. Kinecta, a $4 billion credit union with over 200,000 members, was represented by Sandler O’Neill & Partners LLP in the transaction.