PSCU and Co-op Solutions, the largest credit union service organisations (CUSOs) in the USA, announced they have closed their deal to merge.
The agreement will see the two CUSOs merge into 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.
The new organisation will be led by Charles E Fagan, PSCU’s current president and CEO, who will serve as CEO. The entity will be known as PSCU/Co-op Solutions until a new brand for the combined organisation is 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 centre 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.”
A payments CUSO and integrated financial technology solutions provider, PSCU supports more than 2,400 financial institutions and processes more than eight billion transactions annually.
Founded in 1981, Co-op Solutions serves 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.
According to the two CUSOs, the merger agreement has met all customary closing conditions and was overwhelmingly approved by member-owners and shareholders of both organisations.