PSCU has acquired CU Recovery Inc. and The Loan Service Center Inc. in a strategic move designed to expand the credit union service organization's “ability to service owners with a comprehensive collections offering.”
Both acquisitions – which are based in Wyoming, Minn. -- will become wholly-owned subsidiaries of PSCU of St. Petersburg, Fla.
CU Recovery Inc. is a full service collection agency managing non-performing and charged-off loans with a menu of third-party collection services. The Loan Service Center provides staff to credit union collection departments on a part-time, full- time, temporary, or permanent basis.
PSCU explained that the transaction will enable it to add limited core integration that already exists within The Loan Service Center, as well as post charge-off collections to the company’s current offerings.
“PSCU is excited about the opportunity to expand its collections offering into our existing suite of payments solutions,” said Jack Lynch, chief risk officer at PSCU. “The acquisition of CU Recovery and The Loan Service Center enhances our current account recovery and collections services, enabling us to provide a more robust offering and ultimately a more integrated member experience.”
Chris Becker, chief operating officer at CU Recovery and The Loan Service Center, said PSCU’s “commitment to member service and the credit union industry were key elements in our decision to become a part of the cooperative.”