CU*SOUTH Founder & CEO retires; continues support of credit union movement

FAIRHOPE, AL (December 1, 2021) — On November 23, 2021, Leo Vaulin, founder and CEO of the Credit Union Service Organization (CUSO) CU*SOUTH announced his retirement after 15-years as the company’s leader and visionary.

From Vaulin’s initial days in the credit union industry back in 1983 when he was hired to help build a credit union’s general ledger system, to 2006 when his vision came to fruition as he co-founded CU*SOUTH, he has served as the only CEO to date of the CUSO that provides a complete suite of software, as well as back office, collections, compliance, IT, and marketing services.

“In 2021, CU*SOUTH had its best year ever,” recounts Vaulin. “We grew to seventy credit unions serving more than 250,000 members, expanded our team by 25%, recorded $7.6M in gross revenues, and returned record net earnings to the firm. Our top strategic priority remains our focus on delivering outstanding customer service. My confidence in the Credit Union Movement, and my passion for it, have never been higher.”

Vaulin continues, “I’ve built my entire career working with credit unions, and I’ve never seen a time when the role of credit unions in their communities has been more vital. With CU*SOUTH well positioned to continue its mission, the time is right for me to further my own personal goals in serving the Credit Union Movement.”

Growing credit unions is my passion and stepping back from my current role gives me an expanded platform to both consult and contribute beyond core software and into emerging technologies. It’s a great feeling to give back – in a much bigger way – to the Credit Union Movement. To say I have thoroughly enjoyed my years as founder and CEO of CU*SOUTH would be an understatement, and as hard as it is to say goodbye, the time has come for me to leave this company in the more than capable and trustworthy hands of its dedicated and driven professionals as I pursue the next chapter in my credit union advocate story,” Vaulin concludes.

Vaulin will remain with CU*SOUTH in a consultative nature for the next 6-months, working directly with the Board of Directors and Executive Council. CU*SOUTH’s Board of Directors has named the current Chief Operating Officer, Derrick Smith, as interim President as the Board looks to identify and seat a new CEO.

“While this begins a time of transition,” states Rick Preble, CU*SOUTH’s Board Chairman and President and CEO of RVA Financial Credit Union, “rest assured the dedication and outstanding level of service and partnership the CU*SOUTH team provides its credit union partners will be unwavering, as well as the business strategies and tactics that have, and will continue to produce the growth for our CUSO.”

“We send our sincerest sentiments of gratitude to Leo for guiding CU*SOUTH to the company it is today,” continues Preble, “as well as to our Shareholders and partners for their continued support, trust, and investment in this amazing team. We look forward to continuing to demonstrate all we have to offer this beloved credit union industry of ours.”

Leo Vaulin

About CU*South

CU*SOUTH is a credit union-owned cooperative focused on building a network of successful credit unions. CU*SOUTH offers a wide variety of services including the Tier-1 CU*BASE® processing system offered in both online (ASP) and in-house processing environments, as well as a fully integrated online and mobile banking solution. CU*SOUTH also provides a variety of managed services through its CUSO@Work division, as well as through collaborative partnerships with other CUSOs in the rapidly-growing network—CU*Answers, CU*NorthWest, eDOC Innovations, Xtend, and Site-Four. Managed services allow credit unions to outsource tasks at a fraction of the cost of a full-time specialist—accounting, collections, compliance, lending, marketing, call center, web design. As a partner of the network, CU*SOUTH provides a comprehensive offering of information technology tools and services through a collaborative, shared ownership model, with the same great value credit unions offer members. For more information, visit


Amy Herbig, Chief Marketing Officer

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