Share One CUSO has new ownership structure
Share One, a credit union service organization based in Memphis, Tenn., that develops credit union core processing software, now has a new ownership structure.
The CUSO said ownership of its shares, which had been held by employees and clients, now is majority owned by clients. Specifically, three credit unions – the $2 billion-asset Eglin Federal Credit Union in Fort Walton Beach, Fla., the $1.1 billion-asset Self-Help Federal Credit Union in Durham, N.C., and the $721 million-asset University Credit Union in Los Angeles – own a majority of the shares.
A total of 18 credit unions own stock in Share One. It serves credit unions with assets ranging from $10 million to more than $2 billion.
Share One said its six employee majority shareholders – Daryl Tanner, retired president and CEO, Carla Tanner, chief financial officer, Rick Larsen, SVP of development, Don Conrad, SVP of sales, Scott Eungard, VP of sales, and Teri Van Frank, president and CEO – sold their shares to the three credit unions.
Daryl Tanner, Larsen, Conrad, Eungard and Van Frank resigned from the board, as required by the terms of the transfer, the CUSO said. The new board is comprised of the CEOs of the three credit unions: Jerry Williams, president and CEO of Eglin, Martin Eakes, CEO of Self-Help, and David Tuyo, president and CEO of University Credit Union.
Van Frank, Carla Tanner, Conrad, Larsen, and Eungard will remain on staff at Share One.
“Our focus has always been on building relationships,” Van Frank said in a statement. “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.”
Eglin Federal Credit Union’s partnership in the CUSO dates to 1977, when it was one of the credit unions using the Share One Legacy core system. Eglin FCU was part of the original concept, design, and funding of the NewSolutions core development.
“Eglin Federal Credit Union and Share One have worked as close partners since the inception of the NewSolutions line of products,” said Williams. “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.”