The $98 million The Local Credit Union in the Detroit suburb of Sterling Heights, Mich., said this week it plans to convert later this year to the KeyStone core processing platform from Corelation Inc. in San Diego.
The 4,700-member credit union cited the inability to expand product lines and aging technology in its decision to change core systems.
“We don't want to go through a core conversion and then have to go through a major software enhancement. So our goal was to find a solution that could move the credit union from 1990 to 2020,” said The Local Credit Union President/CEO Joseph Hallman.
“There is no need to purchase a platform that has old architecture in this day and age. It would be like purchasing a 2014 Ford Fusion that has a crank start motor and rumble seat,” Hallman said in the announcement.
The former Sterling-Van Dyke Credit Union was founded in 1949 to serve workers at local Ford Motor Co. plants. Currently it runs on a solution from Vision XXI in Sugar Land, Texas, according to data from Callahan & Associates.
Launched in 2009, Corelation now has 21 credit unions signed and 12 live on its system, the company said.
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