Tuesday, February 21, 2012 — 14:58:01 (EST)
Six CUs tap Vantiv for card processing
Cincinnati, Feb. 21, 2012 -- Vantiv, LLC, (formerly Fifth Third Processing Solutions, LLC) one of the leading integrated payment processors, announced today that six credit unions recently signed new contracts for single-sourced, comprehensive processing services including ATM and debit card transaction processing, ATM driving, card production and network gateway access. Vantiv provides strategic consultation and guidance to credit unions helping them to acquire and retain members, build loyalty and increase revenue while creating payment efficiencies.
ISU Credit Union, headquartered in Normal, Illinois, was founded in 1960 to serve employees of Illinois State University. Since then they have grown into a full service institution with more than $83 million in assets and 10,000 members including anyone who lives or works in McLean County. The credit union offers four branch locations and 16 ATMs.
Serving their community since 1954, Amalgamated Credit Union is located in Saginaw, Michigan. With nearly $41 million in assets, the credit union offers two locations and three ATMs to its nearly 7,200 members. Individuals who live, work, or worship within the boundaries of Saginaw County are eligible to join. Additionally, anyone over the age of 55 who receives a retirement payment from private or government sources, and lives or belongs to a retirement organization located in an established seven county area may also join Amalgamated.
Pinnacle Federal Credit Union , established in 1962, is headquartered in Edison, New Jersey with three branch locations (Edison, Fairfield and in Manchester's Leisure Village West Retirement community. With more than $160 million in assets, Pinnacle is a full service financial institution serving more than 23,000 members and nearly 300 Select Employer Groups throughout New Jersey, New York and Pennsylvania.
"This is a very exciting partnership for Vantiv and Pinnacle," said Harry R. Jacobson, President/CEO, Pinnacle Federal Credit Union. "This will provide the membership with enhanced ATM/Debit Card services accompanied by excellent support and service."
Headquartered in Manitowoc, Wisconsin, Shipbuilders Credit Union was established in 1938 to serve the employees and families of the Manitowoc Company which was founded in the early 1900s as a shipbuilding and ship-repair organization. Today with assets worth more than $58 million, Shipbuilders is a charter for the community of Manitowoc. They provide comprehensive and personalized services to 7,750 members. Residents and employees of an established six county Wisconsin region may join the credit union.
"Vantiv understands the complex needs and challenges we face as a credit union, particularly in managing our debit card portfolio and fraud mitigation," said Sheri Lau, Vice President, Shipbuilders Credit Union. "We were pleased with our seamless integration and are confident that Vantiv will continue to deliver solutions to help us better manage our operations while identifying new revenue opportunities."
Headquartered in Williston, North Dakota, Western Cooperative Credit Union serves the community by maximizing member benefits through cost effective financial services and education consistent with the Cooperative principles. With more than $250 million in assets, Western Cooperative Credit Union provides seven locations, nine ATMs and nearly 21,000 members.
Genie Watt Credit Union was chartered in 1959 in Bismarck, North Dakota. With assets worth more than $11 million, their membership base includes all families of MDU Resources Group, Inc., its subsidiaries, families of employees, and Genie-Watt Credit Union employees.
"We are excited to be chosen as the processing services provider for these credit unions," commented Royal Cole, President, Financial Institution Services, at Vantiv. "Each of our valued clients benefits from our technologically-advanced products and services backed by excellent customer service. We deliver the solutions that make our customers' card programs more successful."
Vantiv offers a comprehensive family of products to credit unions including:
- Fraud Mitigation
- Advisory Services
- Payment Processing
- ATM Solutions
- Merchant Services (exclusively for Financial Institutions)
Vantiv, LLC is one of the leading integrated payment processors to businesses and financial institutions of all sizes in the United States. Formerly known as Fifth Third Processing Solutions, LLC, since 1971, Vantiv has provided payment processing solutions to its clients. Headquartered in Cincinnati, Ohio, Vantiv, LLC is a joint venture between Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB).
Source: Company press release.
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