BIRMINGHAM, Ala./TALLAHASSEE, Fla./DULUTH, Ga. – 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 that was formed following the merger between Georgia Credit Union Affiliates and the League of Southeastern Credit Unions.
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 CUSO 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 organizations said.
A ‘Win-Win’
“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 organization said 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.
Other corporations under ACS include LEVERAGE, the LSCU service corporation, and business services previously offered through the Georgia Credit Union Service Corporation.