Combination creates leading fintech solutions provider for credit unions
St. Petersburg, Fla. (Jan. 2, 2023) – PSCU and Co-op Solutions (“Co-op”), two leading credit union service organizations (CUSOs) and financial technology solutions providers, today announced they have closed their deal to combine. The combination agreement met all customary closing conditions and was overwhelmingly approved by Owners and shareholders of both CUSOs.
Starting today, PSCU and Co-op will begin operational integration under a holding company led by a combined Executive Leadership Team and previously announced Board of Managers (formerly known as Board of Directors), with headquarters in St. Petersburg, Florida. Charles E. (“Chuck”) Fagan, previously PSCU’s president and CEO, will serve as CEO of the new combined organization. A new brand for the combined organization, which will be known as PSCU/Co-op Solutions in the interim, will be announced in the coming months.
“Today marks the start of an exciting journey as we bring together two teams with similar values and cultures – both built on the foundation of the ‘people helping people’ credit union philosophy – to begin working collaboratively as associates of our new combined company,” said Fagan. “Through this combination, we are establishing an enhanced, end-to-end product portfolio – ranging from access to instant payments and data analytics, digital banking, fraud and risk management, contact center solutions and services, an ATM network, shared branching, collections and more – to help credit unions innovate and achieve their goals, while also providing increased scale, meaningful value and additional growth opportunities. The future is bright for our combined company, we look forward to what’s ahead."
Reporting to Fagan, the Executive Leadership Team of PSCU/Co-op Solutions comprises the following members:
- Brian Caldarelli, EVP, Chief Administrative Officer
- Bruce Dragt, EVP, Chief Data Officer
- Tom Gandre, EVP, Chief Technology Officer
- Lynn Heckler, EVP, Chief Culture Officer
- Dean Michaels, EVP, Chief Operations Officer
- Cheryl Middleton Jones, EVP, Chief People Officer
- Brandi Quinn, EVP, Chief of Staff and Corporate Governance
- Brian Scott, EVP, Chief Revenue Officer
- Denise Stevens, EVP, Chief Product Officer
- Scott Wagner, EVP, Strategic Partnerships
- Dean Young, EVP, Chief Service Officer
With a full portfolio of solutions from PSCU and Co-op, the combined company is well-positioned to enable credit unions to evolve in the ever-changing financial services market, adapt to the rapid pace of innovation and meet the evolving preferences of the modern member, while also ensuring long-term financial stability and sustained growth.
Further updates surrounding the new combined company will be provided as integration progresses.
PSCU, the nation’s premier payments CUSO and an integrated financial technology solutions provider, supports the success of more than 2,400 financial institutions and processes more than eight billion transactions annually. Committed to service excellence and focused on continuous innovation, PSCU’s payment processing, fraud and risk management, data and analytics, digital banking, strategic consulting and real-time payments platforms, along with 24/7/365-member support via its contact centers, help deliver personalized, connected experiences. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 45 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit www.pscu.com.
About Co-op Solutions
Co-op Solutions is a credit union-owned financial technology platform built using an industry-leading ecosystem, and whose mission is to connect credit unions to the technology, strategic partnership and scale they need to best serve their members and grow now and into the future. Co-op Solutions partners with credit unions to unlock their potential so they can compete; does the hard work of innovation, creating a one-stop opportunity to help credit unions grow; and offers knowledge and expertise in a world where everything must be integrated. Founded in 1981, Co-op Solutions services 2,650 credit union clients, processes eight billion transactions annually, and manages a nationwide ATM network of more than 30,000 and a 5,700-location shared branch network. For more information, visit www.coop.org.