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CUSO completes capital infusion
COLUMBIA, S.C. (12/22/09)--Palmetto Cooperative Services (PCS) has completed a campaign to raise more capital. Responding to a private placement offer, 26 South Carolina credit unions have joined with South Carolina Service Corp. (SCSC) to provide more than $8 million in capital for PCS, a credit union service organization. The new funding will be used for debt restructuring, research and development, and marketing enhancements. PCS was created in 1969 as a wholly owned subsidiary of the South Carolina Credit Union League. The CUSO now is independent and was established as a limited liability company this year. Ed Culpepper serves as president of PCS LLC. SCSC is the league’s services corporation. It provides services to South Carolina credit unions through system relationships and administration of fee-based services for league-member institutions. PCS provides item processing services, Check 21 solutions, paper and electronic statements and periodic notices to 400 credit unions nationwide.


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