The Mountain West Credit Union Association said it is purchasing a shared-ownership stake in Ontario, Calif.-based Plexcity for information technology, accounting/finance, and human resource solutions.
Plexcity is a shared service company that provides solutions to trade associations across the country. The Denver-based Mountain West CU Association joins five existing owners of Plexcity: 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).
Scott Earl, president and CEO of the MWCUA, said lowering expenses is just one of the reasons why the association is buying into and using Plexcity.
"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," Earl said in a statement.
Tony Kitt, CEO of Plexcity, said the move is a signal that Plexcity's cooperative model in sharing back-office resources is gaining momentum among credit union trade associations. "Credit unions are increasingly saying they want their associations to hone in what is most important for their benefit and continued success — and by sharing common functions through Plexcity, associations can focus on their members' needs."