PSCU/Co-op Solutions headquarters in St. Petersburg, Fla.
Credit/PSCU
The two CUSO giants, PSCU and Co-op Solutions, officially closed their agreement deal to combine as of Tuesday to form what officials call "the premier fintech solutions provider for credit unions."
According to a statement from PSCU, the combination agreement "met all customary closing conditions" and was approved by owners and shareholders of both organizations as well as receiving regulatory approval.
Beginning Tuesday, the combined organization started its operational integration under a holding company led by a combined executive leadership team and its Board of Managers and will be headquartered in St. Petersburg, Fla.
Chuck Fagan, who was PSCU's president/CEO, became CEO of the newly-combined organization. In a statement Tuesday, Fagan said, "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."
Chuck Fagan, PSCU Fagan added, "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."
Also on Tuesday, Fagan announced the new executive leadership team of the PSCU/Co-op Solutions combined organization. The executive leadership team includes the following individuals:
- 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
A new brand for the organization will be announced in the coming months, according to officials. In the interim, the organization will be referred to as PSCU/Co-op Solutions.
Executives of the nation's two largest payment CUSOs announced the merger deal in November. PSCU of St. Petersburg, Fla., has 3,400 employees. Co-op Solutions of Rancho Cucamonga, Calif., has 1,940 employees. Officials expect to release more updates concerning the structure of the organization as the integration process continues.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
