The surcharge-free automated teller machine network Co-op Network said Monday that it had agreed to acquire Encore Electronic Services Cooperative Inc., which offers payment processing services to credit unions.
Tom Reeves, Encore’s president and chief executive officer, said in an interview that the sale would mean lower ATM transaction prices for his customers. “We’re adding our 10 million transactions to the 100 million that Co-op currently processes,” he said.
Encore, of Falls Church, Va., was formed as cooperative in 1982, with 18 credit union member-owners. It now has 124.
Encore became a Co-op Network member and shareholder in April 2003. It would become a division of Co-op, which is based in Ontario, Calif.
The price of the deal was not disclosed.
