ONTARIO, Calif.—A shared services company jointly operated by three state CU leagues is now officially open for business.
Plexcity, which is owned by the California Credit Union League, Maryland and District of Columbia Credit Union Association, and the New Jersey Credit Union League, is handling accounting and finance, human resources, and information technology responsibilities for all three organizations.
The goal, the three associations said, is to increase member value through a greater focus on core business offerings, improving efficiency by lowering overall costs, and sharing talent and expertise across organizations.
“We made the commitment to follow through on this collaboration, to ask the right questions, and complete the due diligence to determine if this was the right course of action,” said John Bratsakis, president and CEO of the Maryland/D.C. Credit Union Association and chairman of Plexcity. “After 14 months of building and critiquing the business plan, we know we made the right decision.”
Plexcity integrated the human resources function of the three organizations during December, 2014 by standardizing employee benefits and payroll processing systems, which garnered immediate savings.
“Once the accounting-finance and information technology integrations are complete, the redundant systems will be eliminated and the savings will be even greater,” said Tony Kitt, CEO of Plexcity.
The organizations said the integration process is underway for the accounting/finance and information technology departments, an initiative taking place during the next several months.
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