MANHATTAN BEACH, Calif. — If you can't beat 'em, buy 'em.
Kinecta Federal Credit Union announced today that it purchased Carson, California-based Nix Check Cashing for approximately $45 million, to be housed under the credit union's wholly-owned subsidiary, Kinecta Alternative Financial Solutions, Inc.
Nix is the largest independent check cashing chain in Los Angeles, with 55 retail locations. The payday lender is such a cultural icon in Southern California, the rap group The Beastie Boys included Nix in the lyrics of their 1989 hit, High Plains Drifter.
Recommended For You
Over time, Nix branches will be converted to full-service Kinecta Federal Credit Union branches. Kinecta plans to market credit union membership to Nix customers, and fold some of the payday lender's products into the current Kinecta product mix.
Los Angeles community leaders, including former police chief and current Los Angeles City Councilman Bernard Parks, and Inglewood Mayor Roosevelt Dorn, are praising the acquisition as an opportunity for the underserved to become mainstream banking customers.
"This combination will position us to implement a revolutionary business model focused on the needs of low- to moderate-income consumers in a way that has never been done before, and to change the future for them, for us, and for the communities we serve," said Simone Lagomarsino, Kinecta president/CEO.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
