PSCU and Co-op Solutions, two leading credit union service organizations (CUSOs) and financial technology solutions providers, have announced they have closed their deal to combine operations, with the agreement meeting all conditions and overwhelmingly approved by owners and shareholders of both CUSOs.
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 the board of directors), with its headquarters in St. Petersburg, FL. Charles (“Chuck”) Fagan, previously PSCU’s president and CEO, will serve as CEO of the newly combined organization. A new brand, 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 newly combined company,” Fagan said. “The future is bright, and we look forward to what’s ahead.”
Through this combination, the merger is establishing an enhanced, end-to-end product portfolio ranging from access to instant payments and data analytics to digital banking, fraud and risk management, contact center solutions and services, an ATM network, shared branching, collections and more. It will help credit unions innovate and achieve their goals, while also providing increased scale, meaningful value, and additional growth opportunities.
Reporting to Fagan, the PSCU/Co-op Solutions Executive Leadership Team comprises the following members:
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 credit union member — while also ensuring long-term financial stability and sustained growth.
Further updates surrounding the new combined company will be provided as integration progresses.
Effectively Serving CUs’ Evolving Needs
PSCU/Co-op Solutions will provide:
The decision to combine with Co-op comes at a time when the payments landscape continues to see rapid evolution, with innovation and technology reshaping the needs of the credit union industry and financial institutions. With their collective history and expertise, PSCU and Co-op have an unparalleled understanding of the credit union space. The company’s leaders believe both organizations are stronger together, and they said they look forward to the new opportunities for success that this combination will provide for credit unions.
Newly Combined Leadership Team
The combined board of directors will comprise credit union CEO representation from both boards, including nine members from the current PSCU Board and four members from the Co-op board.
“Credit union growth and member experience are the shared central mission of PSCU and Co-op,” said Joan Opp, chair of the former Co-op Solutions Board of Directors and CEO of Stanford FCU. “Our combined board of credit union CEOs reaffirms our commitment to credit unions, and credit union ownership of the key technologies and services needed to compete in the broader financial services space, ensuring that credit unions succeed and thrive.”
In addition to Board Chair Frank Weidner (Wings Financial CU), members of the PSCU board are now serving as members of the combined company’s board, including:
Board members of the Co-op board who are serving as members of the combined company’s board are:
The following PSCU associate directors have remained in the same roles as part of the new combined board:
Opp is serving in an advisory capacity to the newly combined board for one year.
As previously planned, Cathy Pace, CEO of Allegacy FCU (N.C.) and Jeff March, CEO of Citadel FCU (Pa.), retired from the PSCU board at the end of 2023.
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.