Palmetto Cooperative Services, LLC is a credit union service organization (CUSO) providing operational support services to credit unions and other entities.
Palmetto Cooperative Services, LLC is a CUSO owned by multiple credit unions and credit union-related organizations. We specialize in the credit union marketplace and understand their unique needs. Our executive management team has years of senior level credit union management experience. We have extensive relationships within the credit union movement nationwide and look forward to serving your needs.
- History
- What is a Palmetto?
Back in 1969, the credit unions of South Carolina recognized the need for a cooperative organization that could provide various fee-based services to credit unions that couldn't afford such services on their own. That's when CUMS, Inc. was formed as a wholly-owned affiliate of the South Carolina Credit Union League. At that time, we provided various printed forms and supplies to credit unions across the state.
We were one of the first League Service Corporations in the nation to provide Share Draft processing to credit unions. In order to provide a reliable, local payable-thru entity to clear member share drafts, we bought a controlling interest in a small town community bank in the early 1980's. We kept control of the Bank of Bethune until partnering with the South Carolina National Bank. This partnership with SCNB allowed us to continue to grow share draft services for credit unions and their members, while also reducing costs. By the mid-1990s, our volume of share draft items and credit union customers allowed us to move all of our item processing services in-house. We have been growing and adapting to new item processing technologies ever since.
In 2002, the name of the organization was changed to Palmetto Cooperative Services, Inc. This new, more contemporary name helped us branch out into multiple states and add hundreds of new credit union to our client list. Finally, in January, 2009, we changed our structure to an LLC and became an independent CUSO, owned by dozens of individual credit unions and the SC Service Corporation (League Service Corp.). Today, we serve the needs of more than 400 credit unions in 20 states and the District of Columbia.
For our non-South Carolina friends, the name of our company can be a bit confusing. The Palmetto is the official state tree of South Carolina and is featured prominently on the state flag. Our use of the name and the tree is a nod to our heritage and to our home. We're proud to be from the Palmetto State and hope y'all will come visit us real soon. We've got some beautiful beaches, hundreds of golf courses and even some amazing mountains, which are part of the Blue Ridge range. We've got it all here in little 'ol SC and we like to share it with our friends.