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PSCU has acquired the Primax business from T.K. Keith Company, Inc., the St. Petersburg, Fla.-based payments CUSO announced Tuesday. Terms of the transaction were not disclosed.
Primax, based in Wakefield, Mass., is a provider of customizable consumer and commercial credit, debit and private label payment card programs for community banks, credit unions and businesses in the U.S. and the Caribbean. Founded in 1980 as the management company for the New England Bankcard Association, it enables over $2.3 billion in annual commerce, according to a PSCU news release.
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"We are excited to welcome Primax to the PSCU family," PSCU President/CEO Chuck Fagan said in a prepared statement. "PSCU and Primax share the same commitment to service excellence and a similar relationship-driven culture. PSCU has transformed its business model and evolved from a transactional processor and reseller of a platform partner's products to an integrated, value-add financial technology solution provider, and we look forward to delivering the benefits of this scale to Primax clients."
Primax President/CEO Ted Keith, Jr. stated, "PSCU's substantial resources, end-to-end platform of solutions and services, and commitment to continued investments in innovation will help Primax clients realize their full potential. PSCU has already developed many of the advancements that Primax clients are seeking, including digital and mobile banking, security and fraud mitigation solutions, business intelligence and data analytics, and expert consulting services to help optimize operations and portfolios."
In a statement, Primax EVP Brad Singer added, "Our team is excited to bring their expertise to PSCU, whose values are aligned with our own, and provide significant added value for our clients."
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
