Diamond Marketing Solutions, a company based in Carol Stream, Ill., acquired the statement processing services of Palmetto Cooperative, a CUSO based in Columbia, S.C., the two parties announced Monday.
Palmetto Cooperative is housed in the office complex shared with the South Carolina branch of the Carolinas Credit Union League. The number of jobs being lost there was not announced. Its former CEO, Brad Miller, left the CUSO in March to become executive director of the American Association of Credit Union Leagues. Palmetto Cooperative has been in existence more than 50 years and now serves more than 150 credit unions through its print and digital communications, as well as business process and operational support.
Palmetto Cooperative will remain in its location during the six- to eight-month transition, and current staff will continue to provide customer support services throughout the transition.
DMS creates and processes sensitive member documents from paper materials sent via first-class mail, and provides e-notification and e-delivery. With the addition of the Palmetto Cooperative customer base, Diamond Marketing will serve more than 500 credit unions through statements, invoices, legal notices, credit notifications, IRS forms and other critical documents.
It has offices in Carol Stream, Ill., Alpharetta, Ga., Dubuque, Iowa, Council Bluffs, Iowa, Waukegan, Ill., and Renton, Wash.
“The acquisition by DMS is very exciting for us,” Palmetto Cooperative Chairman Scott Woods said in announcing the acquisition. “The ability to bring their experience in statement communications to our members allows us to build on the promise of offering seamless, end-to-end, data-driven and critical communication solutions to our customers.”
