PSCU & Co-op Solutions Announce Merger Agreement
The merger is expected to close by the end of 2023.
The two largest payments CUSOs in the credit union industry have announced plans to join the two organizations together. The announcement Monday stated the St. Petersburg, Fla.-based PSCU and Rancho Cucamonga, Calif.-based Co-op Solutions entered into an agreement to combine.
“Together, the companies will be better positioned to provide credit unions with innovative technology, unparalleled services, increased scale and differentiated value, fostering long-term success and sustainability for the credit union movement,” the statement read.
According to details of the merger, PSCU President/CEO Chuck Fagan will take over the new combined organization and its headquarters will be PSCU’s headquarters in St. Petersburg.
“This is a transformative opportunity for both PSCU and Co-op,” Fagan said. “Our member-owned companies have been respected industry assets for more than 40 years, and now is the right time for this combination, which we believe will create the premier fintech solutions provider for credit unions and make our combined organization an even stronger resource for the credit union ecosystem. We are excited to bring together our talented employees, complementary solutions, key partnerships and extensive client relationships – all under our shared commitment to the ‘people helping people’ credit union philosophy – to fuel growth and accelerate innovation for credit unions.”
Officials with PSCU and Co-op Solutions will hold a virtual press conference later today. CU Times will provide more details of the merger soon.