DENVER–The Mountain West Credit Union Association has become the latest to say it has purchased a shared-ownership stake in Plexcity, which offers consolidated backoffice functions, primarily to state CU Leagues.
Among the services offered by Ontario, Calif.-based Plexcity are information technology, accounting/finance, and human resource solutions. The company was launched in January 2015.
Lowering expenses is just one of the reasons why Mountain West Credit Union Association is buying into and using Plexcity, according to President and CEO Scott Earl. In a released statement, Earl said “Plexcity’s solutions will translate into higher economies of scale, eliminate redundancies, allow for speedier and more efficient operations through a cloud-based portal, and help our association direct its full attention to serving member credit unions.”
Plexcity said that as many trade associations explore how to financially thrive, it continues to follow its mission of offering efficient and innovative shared services in information technology, accounting/finance, and human resources. Since inception, Plexcity said it has worked to fully perform some or all of these functions for the associations it serves.
“The immediate effect of decreasing their expenses contributes to our members’ future stability,” said Tony Kitt, CEO of Plexcity. “All of our owners believe we are better at driving down costs together than we are individually. We are honored and excited the Mountain West Credit Union Association decided to join Plexcity and collaborate with other Plexcity partners to lower overall costs and increase member value.”
Other owners of Plexcity include: the California and Nevada Credit Union Leagues, New Jersey Credit Union League, Maryland-D.C. Credit Union Association, Ohio Credit Union League, and Hawaii Credit Union League. Plexcity also currently serves one non-owner client—the National Association of State Credit Union Supervisors (NASCUS).