WARRENVILLE, Ill. – Members United Corporate FCU, one of a handful of corporates weighed down by large mortgage-backed securities losses, said yesterday it has agreed to sell its Share System CUSO to CO-OP Financial Services.
Share System is an ATM and debit card program for credit unions, primarily in Indiana.
The deal adds 69 new payment processing credit unions to CO-OP Financial Services and more than 100 ATMs to the surcharge-free CO-OP Network.
Financial terms of the transaction, expected to close in the second quarter, were not disclosed.
Over the last year the $9 billion corporate has closed several other CUSOs in an effort to downsize. It agreed to spin off Nextworks, LLC, a company that helps credit unions innovate, and to close down Member Health Networks CUSO, which helped credit unions implement Health Savings Accounts.
