ALBANY, NY & RANCHO CUCAMONGA, CA (February 13, 2015) – The New York Credit Union Association (NYCUA) announced today it has signed a letter of intent from CO-OP Financial Services to purchase its subsidiary, Covera Solutions, Inc. Covera currently provides 248 credit unions and their members with credit, debit, ATM and prepaid cards solutions.
“If finalized, this purchase would be a win for credit unions, the Association and CO-OP,” said NYCUA President/CEO William J. Mellin. “Most importantly, Covera credit unions would benefit from an expanded relationship with CO-OP, an innovative industry leader with an extraordinary commitment to credit unions.”
The two companies expect to complete the purchase by the end of the first quarter.
NYCUA and the state’s credit unions have a long-standing partnership with CO-OP, and many of the state’s credit unions already belong to the CO-OP ATM network, with 30,000 surcharge-free ATMs available nationwide to members of participating credit unions.
“Covera is a proven, valuable asset to the credit union system, one that is a key source of card solutions to credit unions,” said Stan Hollen, President/CEO, CO-OP Financial Services. “We have a transaction processing relationship with Covera that goes back many years, and this will strengthen the ability of the Association and CO-OP to provide support superior to any other credit union service organization.”
About Covera
Covera delivers the debit, credit and ATM solutions that credit unions need to empower their members and compete in the marketplace. By combining decades of expertise with comprehensive services and continuous personal support, Covera has built a proven track record of success. To learn more, visit www.coverasolutions.com.
About the New York Credit Union Association
The New York Credit Union Association has served as the trade association for the state’s credit unions for 97 years. With more than 5 million memberships, New York credit union assets total more than $67 billion. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company helps credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.