Share One's CUSO is transforming. The ownership of shares is shifting from an employee and client ownership structure to a majority client-based credit union CUSO.
Jerry Williams, President/CEO of Eglin Federal Credit Union, Martin Eakes, CEO of Self-Help and Self-Help Federal Credit Union, and Dr. David Tuyo, President/CEO of University Credit Union, finalized the stockholder ownership transfer. Collectively, the three credit unions own the majority in equal shares with the new structure.
Share One's employee majority shareholders: Daryl Tanner, retired President/CEO; Carla Tanner, CFO; Rick Larsen, SVP Development; Don Conrad, SVP Sales; Scott Eungard, VP Sales; and Teri Van Frank, President/CEO, sold their shares to the three credit unions to complete the process.
Teri Van Frank, Don Conrad, Rick Larson, Scott Eungard, and Daryl Tanner, all members of the board of directors, resigned their board positions as required by the transfer. Martin Eakes, Jerry Williams, and David Tuyo now comprise the board of directors. Teri Van Frank, Carla Tanner, Don Conrad, Rick Larsen, and Scott Eungard will remain on staff.
Paul New acquired the company in 1995 and renamed it to Share One, Inc. Cumulatively, Share One, has over four decades of success serving the credit union industry offering core software and hardware solutions.
Share One's employee majority shareholders and founding partners had a vision for the company in 1995. Their plans included generating funding for the development of the core software, NewSolutions, moving from a privately- owned company to a CUSO, continuously fostering the evolution of technology and new ideas, and doing everything with a focus on collaborating with our client base. "Our focus has always been on building relationships," said Teri Van Frank, President/CEO of Share One. "This change in ownership will help us work every day with more personal input and collaboration, which will produce a better result for our customers," she said.
18 credit unions own stock in the Share One CUSO including Eglin FCU, Ft. Walton Beach, FL, $2 billion; Self-Help CU, Durham, NC, $1.1 billion; University CU, Los Angeles CA, $721 million; Beacon Community CU, Louisville, KY, $64 million; Cascade Community, Roseburg, OR, $237 million; Class Act FCU Louisville KY, $224 million; Coast 2 Coast, Tampa, FL, $21 million; CORE CU, Statesboro, GA, $100 million; Emery FCU, Cincinnati, OH, $152 million; Healthcare Systems FCU, Falls Church, VA, $85 million; Jefferson County FCU, Louisville, KY, $126 million; JM Associates FCU, Jacksonville, FL, $125 million; Northern Star CU, Portsmouth, VA, $88 million; One Vision FCU, Clarksville, IN, $57 million; Railroad CU, Irondale, AL, $107 million; Rio Grande FCU, Grand Junction, CO, $56 million; Southern Security FCU, Memphis, TN, $170 million; and Upward CU, Burlingame, CA, $80 million.
“Eglin Federal Credit Union and Share One have worked as close partners since the inception of the NewSolutions line of products. This transfer in ownership shows our commitment to deepening the relationship with our core vendor. We are excited about this development and look forward to building from a solid foundation,” said Jerry Williams, President/CEO, Eglin FCU. Eglin Federal Credit Union’s partnership dates to 1977. They were one of the credit unions using the Share One Legacy core system and were key partners with the original concept, design, and funding of the NewSolutions core development. Eglin converted from the Share One Legacy software to NewSolutions in 2003.
“Share One, for decades, has been a leading core system provider for both small and large credit unions. By making the company a credit-union owned and controlled CUSO, Share One will be able to use all its revenues for the development and benefit of its credit union users,” said Martin Eakes, CEO, Self-Help Credit Union. Self-Help FCU and Self-Help CU converted to NewSolutions in 2005.
“A collaborative partnership with Share One enables us to remain a competitive leader in innovation. We look forward to this partnership and the enhancements that will benefit our membership, ” said Dr. David Tuyo, President/CEO, University Credit Union. UCU is listed in many peer-to-peer achievements in several top-of-the-list rankings: #1 in 2018 organic loan growth, #1 in 2019 in performance, #1 in 2019 with mergers for members/loans. The relationship with UCU and Share One dates to 1983, when UCU converted to Share One’s Legacy core software. They were also one of the key partners who assisted in the original concept, design, and funding of the NewSolutions core development. UCU converted from the Share One Legacy software to NewSolutions in 2003.
Jerry Williams Pres/CEO Eglin FCU.
Martin Eakes President Self-Help CU.
David Tuyo Pres/CEO University CU.