CO-OP Acquires TMG and Makes Organizational Changes
Dear Colleagues of the Credit Union Movement:
I am very excited to announce two significant events in the history of CO-OP designed to maximize our service to you.
Two news releases distributed today announce:
- The acquisition of TMG, our Des Moines, Iowa-based business partner, in which we have been the minority owner since January 2012.
- A restructuring of our company’s leadership team to ensure we deliver solutions in an integrated client, service and digital-first manner.
Why are we making these moves, and why now?
CO-OP is committed to providing products and services that deliver a personalized, seamless and secure experience for members to interact with their credit union. And, this must also be true when our credit union clients interact with us.
We are restructuring our leadership team so that we can more efficiently deliver the core products and services that address the key needs of credit unions today, including fighting fraud and maximizing interchange to maintain revenue growth. This restructuring goes hand-in-hand with our investment of $25 million on technology infrastructure and product innovation during 2017.
Seamlessness is at the center of our acquisition of TMG. The combined forces of TMG and CO-OP provide credit unions with a single point of entry to the most innovative, tailored, cost-effective products and services as they prepare for a future being transformed by digitization. CO-OP now offers a scale of debit and credit processing second to none – we have assembled the dream team of the payments industry.
We are creating a new CO-OP, capable of growing with the credit union movement to address the challenges and opportunities of the market today and in the future, and making credit unions the most desirable financial providers to modern consumers. We are hardly finished.
I have been President/CEO of CO-OP for 10 months now, and it has been extremely gratifying to interact with many of our clients – to listen to their needs, hear their honest feedback on where we need to improve and learn of their interest in seeing us succeed together.
Every opportunity I have to speak to our employees, I remind them of the need to put our clients’ best interests first in their every action. It is absolutely at the forefront of my agenda and what drives the announcements we are making today.
With our expanded leadership team, and CO-OP’s and TMG’s dedicated employees, we have never been in a better position to help credit unions in their people-helping-people mission.
Todd Clark
President/CEO
CO-OP Financial Services
