RANCHO CUCAMONGA, Calif. – The credit union movement soon will lose yet another iconic figure, as Stan Hollen announced he will retire as president and CEO of CO-OP Financial Services on May 31.
CO-OP's board of directors on Tuesday said it already is conducting a search for Hollen's successor. Hollen said he will continue to provide strategic support to the CO-OP board and the new president/CEO after stepping down.
Under Hollen's decade of leadership, CO-OP has grown to be nation's largest credit union service organization in terms of number of credit unions, assets and members.
Hollen joined CO-OP in June 2005, and quickly renamed the CUSO from CO-OP Network to CO-OP Financial Services. Among CO-OP's accomplishments during Hollen's tenure include:
- Uniting the management and branding of the industry's shared branching network, which now includes more than 5,400 locations, third-largest behind all financial branch networks.
- Building up of CO-OP ATM to 30,000 machines, larger than any bank network.
- Adding a member-facing telephone and online lending and member service call center.
- Expanding CO-OP business lines to include emerging mobile-virtual payment services.
- Forging a partnership with The Members Group of Des Moines, Iowa, giving CO-OP a leadership role in credit processing in addition to its long-standing leadership in debit.
- The THINK Conference, established in 2008, annually attracting more than 600 attendees.
- Laying the groundwork for a North American credit union network via acquisition in April 2015 of Everlink Payment Services, Inc., of Markham, Ontario, Canada.
- Leading the company to make strategic investments in Ensenta Corporation, Redwood Shores, Calif.; Alkami Technology, Inc., Plano, Texas; Finivation, New York, N.Y.; and Ongoing Operations, LLC, Hagerstown, Maryland.
"Stan is one of the true giants of the credit union movement, and under his leadership CO-OP Financial Services has grown to service more than half of all credit unions in the United States," Doug Ferraro, chairman of the board of CO-OP, and president/CEO of Bellco Credit Union of Greenwood Village, Colo., said in a statement. "We are making his retirement plans known to the industry five months in advance in order to ensure a smooth CEO recruitment process and transition."
"I have had a wonderful career in the world's greatest field of financial service – the credit union movement," said Hollen. "During the next five months, I will be working closely with the board, our executive management team and business partners to make sure we continue to meet and exceed the expectations of our 3,500 client and 1,200 shareholding institutions."
Hollen will retire on May 31, following the company's 2016 annual meeting of shareholders earlier in the month. The meeting will take place during the CO-OP-sponsored THINK 16 Conference, being held in Coronado, Calif., (San Diego area), May 3-6. Attendees can register immediately at
Ferraro anticipates the CO-OP board will have selected a successor by May. The executive search firm Korn Ferry was retained to conduct recruitment.
Prior to CO-OP, Hollen served as vice president with CEFCU in Peoria, Illinois; president/CEO of Liberty Enterprises, Inc., in Mounds View, Minn.; and president/CEO of Golden 1 Credit Union in Sacramento, Calif., the nation's sixth-largest credit union. His 11 years with CO-OP caps a career in the industry spanning more than 45 years, having joined the board of his local credit union when he was 19 years old.
"I am extremely proud of the more than 800 employees of CO-OP, who are exclusively dedicated to the service of credit unions," said Hollen. "CO-OP is committed to providing operational efficiency to credit unions, and convenient, secure access to accounts for members, so that credit unions remain the best financial services option for the modern consumer today and long into the future."
