Moves Tied to CO-OP’s Commitment to CreditUnion Movement Expansion and Growth
RANCHO CUCAMONGA, California, April 3, 2017 – CO-OP Financial Services has acquired TMG andrestructured its leadership team to deliver payments products and engagementservices addressing today’s transformational market dynamics and make creditunions the most desirable financial providers to modern consumers.
“The acquisition of TMG and the evolution of our leadership team aredesigned to maximize benefits for the clients of both companies,” said ToddClark, President/Chief Executive Officer. “We are creating a new CO-OP thatembraces technology and best-in-class service delivery to create a seamless,secure and personalized experience for our clients and their members, howeverthey choose to interact with their credit union using a CO-OP product.”
CO-OP had been the minority owner of TMG and purchased all remainingshares of the company from the Iowa Credit Union League for $100 million. Withthe acquisition of TMG, CO-OP becomes a fully-integrated, comprehensivepayments services company, realizing the vision of the original partnershipformed by the two companies in January 2012.
“The combined forces of TMG and CO-OP provide credit unions with a singlepoint of entry to the most innovative, tailored, cost-effective products andservices as they prepare for a rapidly transforming payments landscape,” saidClark. “We will offer the market greater integration of the two company’sproduct lines and a simplified, predictive client experience. We will alsoleverage artificial intelligence, custom business intelligence, consultationand deeper security offerings that marry machine learning and human analysis toperfect authentication, reporting and anticipation of fraud.”
The acquisition complements CO-OP’s $25 million investment intechnology infrastructure and product innovation in 2017. CO-OP’s investmentemphasizes improving the industry’s ability to fight fraud while advancing a positive,sophisticated consumer payment experience – transforming both the company andits offerings to meet the rapid digitization of payments.
CO-OP’s New OrganizationalStructure
CO-OP’s new organizational structure is designed to bring the bestminds in the business together to efficientlyintegrate the new combined organization, optimizing the benefits to thecompanies’ respective and mutual clients.
CO-OP is adding severalkey executive management positions and making new appointments to build out itsservice delivery to credit unions, including:
ShaziaManus, formerly CEO of TMG, will report to Clark and become Chief Product andStrategy Officer, to drive a cohesive and forward-thinking product set toclients.
NickCalcanes, previously with Fiserv, joins the Executive Management Team (EMT) asChief Information Officer, in a move to extend that position’s role to providemore technology strategy and integration between CO-OP’s internalinfrastructure and product offerings.
KariWilfong, formerly CFO/EVP, has been elevated to Chief Financial Officer/ChiefAdministrative Officer (CFO/CAO), in recognition of her leadership over thestrategic day-to-day operations of the enterprise, including finance, security,enterprise risk management and legal counsel.
SamanthaPaxson joins the EMT and extends her marketing duties to become Chief Experienceand Marketing Officer (CXMO). Paxson will lead the wayCO-OP’s brand experience is delivered through message, product, value chain andsystems.
JimHanisch, formerly EVP, Network Operations and Corporate Development, has beenappointed Chief Operating Officer, enabling Clark to focus on overall strategyand long-term client needs.
MathewKardell, previously with First Data, joins the EMT as Chief Revenue Officer,responsible for managing and maximizing the credit union-owned company’ssources of income.
JillDeNiro, formerly EVP, Human Resources, has been named Chief People Officer,signifying the importance of cultivating talent as CO-OP’s greatest asset.
PaulLove, previously with the Federal Home Loan Mortgage Corporation (“FreddieMac”), joins as Chief Information Security Officer, reporting to Wilfong.Love’s duties are devoted to strengthening CO-OP’s security approach in thefight against fraud on behalf of clients.
“We believe the combining of CO-OP and TMG adds up to a ‘dream team’ ofthe payments and financial services industry,” said Clark. “It’s an excitingtime. With our expanded leadership team, CO-OP’s and TMG’s dedicated employees,and a well-defined go-to-market strategy, we have never been in a betterposition to lead and serve the credit union movement.”
For more information, visit www.co-opfs.org.
About CO-OP Financial Services
CO-OP Financial Services is a payments and financial technology companywhose mission is ensuring the success of the credit union movement by serving3,500 credit unions and 60 million members. CO-OP payments solutions,engagement services and strategic counsel help credit unions optimize memberexperiences to consistently provide seamless, personalized multi-channelofferings, while delivering secure, sophisticated fraud mitigation service.Visit www.co-opfs.org.
