Shared Cooperative Services (SCS), a new wholly owned subsidiary of Affiliates Consolidated Services (ACS), will now offer shared branching services for credit unions in Alabama and Georgia. ACS is the holding company for the League of Southeastern Credit Unions & Affiliates (LSCU & Affiliates), which recently acquired the shared branching networks in Alabama and Georgia as part of its strategic consolidation with the Georgia League.
SCS acquired the shared branching contracts from CU Service Centers of Alabama (CUSC), which offered shared branching services in Alabama, and Cooperative Services, Inc. (CSI), a Georgia-based credit union service organization that provided similar services to credit unions in Georgia. As part of the sale of these contracts, approximately $9 million in capital is expected to be returned to the 74 shareholders of CUSC and CSI.
“The acquisition by ACS of these two networks was an additional benefit of the consolidation and is a win-win for all parties involved,” said Patrick La Pine, CEO for ACS. “This has been a very intentional process to ensure credit unions and their members in Alabama and Georgia continue to have access to shared branching for years to come.”
The combined Alabama and Georgia shared branching network will now serve 84 participating credit unions that currently generate 2.6 million transactions per year and operate 347 outlet locations.
Credit unions will continue to work with the same staff with no interruptions in service and can expect the same high level of responsiveness, operational support, and training from the new organization.
Other corporations under ACS include LEVERAGE, the LSCU service corporation, and business services previously offered through the Georgia Credit Union Service Corporation.
Also featured in: CUToday, GeorgiaCEO
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