RICHMOND, Va.– The Credit Union Service Company of Virginia, LLC (CUSCVA) said its shareholders have voted to approve the sale of CUSCVA’s assets to Shared Cooperative Services, LLC (SCS), a subsidiary of LEVERAGE. The transaction will take effect Oct. 1.
Founded in 1994, CUSCVA provided shared branching services and grew to a network of 50 credit unions and 121 branch locations across Virginia and South Carolina.
“Over time, member preferences have shifted — particularly with the growing adoption of mobile and digital banking — requiring shared branching to evolve to stay relevant, efficient and sustainable,” the organization said.
Nearly 90 Credit Unions
Through this sale, CUSCVA’s network will become part of SCS, which currently provides shared branching to 87 credit unions in Alabama, Connecticut and Georgia. Combined, the new network will serve more than 137 credit unions.
“The decision to move forward reflects our responsibility to both preserve the cooperative spirit of shared branching and return strong value to our shareholders,” said Paul Muse, chairperson of CUSCVA and president and CEO of 1st Advantage Federal Credit Union.
“Shared branching continues to play a vital role in the credit union system,” said Steve Willis, president of LEVERAGE. “We are honored to partner with Virginia and South Carolina credit unions to carry forward CUSCVA’s legacy while creating new opportunities for collaboration and growth.”
