Nutmeg State Financial Credit Union, Rocky Hill, Conn., on Wednesday said it has acquired DaLand Solutions, an Aurora, Colo.-based provider of technology and professional services to credit unions nationwide.
The $450 million Nutmeg State Financial CU said DaLand Solutions will operate as a wholly owned CUSO of the credit union.
The credit union recently made news when it opened a new branch offering DMV services -- the first such credit union in Connecticut to do so.
Nutmeg State became a DaLand customer in 2015, initially relying on the firm for assistance in selecting its new core processing platform. The two organizations said they have undertaken many joint projects since.
Effective immediately, Jeff Levesque, the credit union’s EVP and chief operations officer, has assumed the role of DaLand CEO. Jon Ungerland, formerly the CEO of DaLand, now will serve as chief operations officer of the CUSO. Ungerland remains responsible for DaLand’s technology products and professional services delivery. Dan Micale, co-founder of DaLand, takes on the role of chief relationship officer.
The parties said the CUSO expects “little disruption” in its day-to-day operations, with “exciting developments on the horizon.”
“My partner Jon Ungerland and I both have strong credit union roots,” Micale said in a statement. “We have always considered DaLand as more than just another credit union vendor. When Nutmeg approached us about becoming a CUSO, it made perfect sense as the next logical step for our company.”
According to Micale, the two organizations share a common vision of technology and what it means to the future relevance of the credit union industry. He said operating as a CUSO will give DaLand access to resources it would not otherwise have had available.
“We have created what we consider a next-generation CUSO,” said Ungerland. “From the early stages in the dialogues about this concept and through the legal formation of DaLand CUSO, Nutmeg has been committed to intentionally structuring the CUSO to ensure we are even more focused and aggressive in pursuing a wide range of important technology initiatives designed to directly impact credit union relevance.”
John Holt, CEO of Nutmeg State Financial CU, said, “The relationship between our two organizations quickly grew from a mere client/vendor relationship to one of a partnership in the truest sense of the word. The DaLand folks were like employees – a part of our extended family. It was readily apparent that DaLand shares our commitment to keeping credit unions relevant through the effective use of technology.”
Holt added he plans to help DaLand become an “even bigger influence” in the credit union marketplace.
“We would not have made this move if we did not believe we can have a significant impact on the credit union movement,” said Levesque. “We have the right team and the right tools in place to make a real difference.”