In a press conference following the announcement, PSCU President & CEO Chuck Fagan and Co-op Solutions President & CEO Dean Michaels provided more context and answered questions on the proposed merger.
- What is the proposed timeline? Following what Fagan indicated was 10-11 months of discussions this year and the announcement today, the merger will be voted on by PSCU and Co-op members. If approved, it is slated to take effect by the end of 2023. A joint Integration Management Office is planned to be established to begin foundational work to combine the two companies.
- Will PSCU and Co-op Solutions adopt a new brand/name? Fagan and Michaels gave a nod to the longevity and affinity for their current brands, and suggested that an effort would be forthcoming to determine how the combined brand would be structured going forward.
- Who will take the helm of the combined organizations? PSCU President & CEO Chuck Fagan has been announced as the intended President & CEO for the combined company.
- Will Co-op THINK and PSCU Member Forum events both continue? Fagan and Michaels shared that both events will continue for 2024: PSCU Member Forum from April 10-12 in San Antonio and Co-op THINK from May 7-10 in Nashville. The team noted outstanding hotel contracts for events as a contributing factor.
- What will happen to client contracts for credit unions? Both executives, Fagan and Michaels, indicated they anticipated no changes to the current contracts their credit union clients have.
In 2023, PSCU reported 3,400 total employees, with Co-op listing just over 1,900. Both report 8 billion transactions a year, with PSCU reporting 2,400+ financial institutions served, and $871 million in annual revenue. Co-op Solutions lists 2,650 financial institutions served, and $527 million in annual revenue.
The PSCU and Co-op teams announced the following long-term vision for their combined organization: “As an integrated financial technology solutions provider, be the premier partner for credit unions with an end-to-end payments portfolio—supported by unparalleled service—that will support credit unions in driving sustainable growth, continuous innovation and a future-focused member experience.”
On the press conference, both executives shared their enthusiasm for the new direction. Fagan said, “It is really a milestone day for our industry, our collective teams.” Michaels echoed, “This combination is going to create innovative technology for the credit union movement.”
Learn more from the joint press release here.
Correction 11.7.23: An earlier version of this article listed incorrect dates of the 2024 PSCU Member Forum.