News

Co-op Financial Services to purchase Covera

Covera currently provides 248 credit unions and their members with credit, debit, ATM and prepaid card solutions.

February 13, 2015

The New York Credit Union Association has signed a letter of intent from Co-op Financial Services to purchase the NYCU subsidiary, Covera Solutions Inc. Covera currently provides 248 credit unions and their members with credit, debit, ATM and prepaid card solutions, a press release from the companies said.

"If finalized, this purchase would be a win for credit unions, the Association and Co-op," NYCUA President and CEO William J. Mellin said in the release. "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, the release said.

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, which makes 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," Co-op President and CEO Stan Hollen said in the release. "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."