PASADENA, Calif. — The $3.9 billion Wescom Credit Union has purchased a noted check cashing company that is says it will operate as a CUSO as an outreach to help underserved and unbanked communities.
The company, Area Check Cashing Centers (ACCC) has eight check cashing outlets spread across Los Angeles and Orange Counties, the CU said.
“Our goal in this acquisition is outreach, not profit,” said Darren Williams, president and CEO of Wescom Credit Union. “Many in our communities rely on the lifeline services that check cashing businesses provide. Our purchase of ACCC will let us provide a financial advantage to those consumers.”
“This is an opportunity to serve a growing segment of the community that we would otherwise not be able to reach,” added Keith Pipes, senior vice president of financial services, who will oversee the business. Pipes added that, while no immediate changes are planned to the business, “We will be looking at ways to improve efficiency in order to save consumers money.”
Interestingly, Jim Preston, owner of ACCC, founded the check casher in 1994 and is currently listed on the board of directors of the California Financial Service Providers association, the check cashers' trade group in California. — [email protected].
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