Credit Union Times has learned that Pano Logic, the Redwood City, Calif.-based virtual end user system provider that apparently vanished in front of its clients, including at least three credit unions, has filed an Assignment for the Benefit of Creditors.
A spokesman for the Mountain View, Calif.-based business advisory firm Sherwood Partners, LLC said his firm is serving as Pano Logic's assignee, but declined further comment.
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Under an ABC, an alternative to bankruptcy, a company hires a third-party assignee — in this case, Sherwood — to monetize its assets to best satisfy the company's creditors.
Pano Logic has not yet confirmed or released any comment regarding its status. Attempts to reach Aly Orady, the company's co-founder and chief technology officer, via email and Facebook have been unsuccessful, and calls to Pano Logic's headquarters only led to staff voicemail messages.
Questions remain about how the company's closure will impact the credit unions that use Pano Logic's system. The $701 million Vantage Credit Union of Bridgeton, Mo., which has been on Pano Logic's Pano System for VDI for about two years, said it hasn't been able to reach the vendor for at least two weeks.
The $3.4 billion Redstone Federal Credit Union of Huntsville, Ala. recently announced it was replacing 75% of its PCs with devices from Pano Logic, and later said the credit union's legal and IT teams were reviewing the situation.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
