CU Cooperative Systems Inc., which operates the Co-Op electronic transfer network, has become the newest shareholder of Primary Payment Systems Inc.
Co-Op is one of the largest regional electronic funds transfer networks for credit unions; it serves more than 300 participants throughout the western United States.
Primary Payment Systems, founded in 1995 by Star System Inc., operates an electronic data base designed to reduce losses from check fraud. The data base maintains more than 25 million checking accounts at 20 financial institutions.
The check authorization company named Larry McNabb, group executive vice president of Bank of America, as vice chairman of its board of directors. Other new board members are: Charles Pedersen, executive vice president, Union Bank; Lisa Wilhelm, senor vice president, Wells Fargo Bank; Stephen Cole, president of Cash Station Inc.; and Robert Rose, president and chief executive of CU Cooperative Systems.
The new board members will join chairman Ron Congemi, president and chief executive of Star System, and Larry Spooner, president of Primary Payment Systems, in directing the company's development.