RANCHO CUCAMONGA, Calif. — After more than 40 years of service to the credit union community, Stan Hollen is retiring.
Though he is stepping down as president and CEO of CO-OP Financial Services, where he was at the helm for 11 years, Hollen's career in credit unions started four decades ago when he was elected to the board of a credit union at the age of 19.
Highlights of his long career includes helping to write the first AICPA Credit Union Accounting and Audit Guide, as well as stints at CEFCU in Peoria, Ill.; The Golden 1 CU, Sacramento, Calif.; and payments provider Liberty, Mounsville, Minn., prior to it being acquired by Harland.
According to Hollen, his retirement from CO-OP has been "in the works" for nearly four years. About one year ago he and the board of directors formalized his exit, and quietly began a CEO search.
In an interview shortly before his official retirement on June 25, Hollen noted there hasn't been much time for looking back on his career because, "I have been busy doing my job."
"There are some things I am trying to make sure are in place and ready. When we created the position Sarah Canepa-Bang has moved into [EVP of corporate relations, formerly chief strategy of CO-OP Shared Branching], and Craig Beach stepped into his position [chief operating officer], those were the last structural changes," he explained. "People ask me, what do I do, and I'm not sure my kids or my friends understand what I do, but fully 50% of it is relations. I meet with credit unions and create opportunities for sales, I work on business strategy, identify long-term plans and opportunities."
While Hollen's future plans include heading to Minnesotal for some golf and fishing, don't expect him to disappear from the credit union scene altogether. As a member of several boards of directors, Hollen said said he intends to remain active on those, which will keep him engaged with credit unions. "I would say 85% of my friends are in the credit union space. You don't lose those when you retire, but you don't see them as often as you used to. I won't say I will miss the job itself, but I will miss the people," he said.
'Held In High Esteem'
When asked to relate what he feels is his biggest accomplishment during his tenure at CO-OP, Hollen replied, "I am pleased with where we are at as a company. When I came here 11 years ago it was smaller and had a more narrow focus. CO-OP today is held in high esteem by credit unions. They think of us as an asset. The CO-OP logo is a brand recognized by 50 million credit union members."
Hollen estimated the "most significant" change in the last decade was bringing all of shared branching under one umbrella. "That was significant for the industry, as was CO-OP entering credit card processing," he declared. "We took over the LoanLink call center from CUNA Mutual Group [now known as CO-OP Member Center], and the acquisition of Everlink from Canada last year put us in position to work with Canadian credit unions on EFT. We enjoy stability and great depth in our executive management team. Unlike some companies, we have not had a revolving door at the executive level. We are a major processor of transactions — by any measure we are the largest and leading CUSO in the nation. CO-OP is a major supporter of Children's Miracle Network Hospitals, and I am very proud of CO-OP Miracle Match."
As for reports that the CUSO may begin working with banks, Hollen said, "Even before becoming CEO of CO-OP, I thought it should remain focused on credit unions. During my interview to become CEO, I was asked about CO-OP serving banks. As CEO of Golden 1, I thought it was a bad idea. I said so, and the entire board agreed with me. There was a survey shortly after that and 95% of community banks said they would not work with a company that was majority owned by credit unions. We have a call center in Texas that offers some services to banks, but this is an asset to credit unions and should remain that way.
"We have added a number of services we offer to credit unions, we are strong product-wise, and I feel very good leaving it in the shape it is," he said.
Traveling Man
For many people, retirement means more opportunities to travel — which definitely applies to Hollen.
"My wife recently retired from United Airlines, which puts me in a very enviable position as we will have travel passes on United in addition to all the miles I have built up over the past 10 years," he said. "We are moving into a new home in Minnesota on a lake while we are in the process of selling our California house."
Hollen said he is not going to do consulting or run planning sessions for credit unions. He said he will speak to boards at planning sessions, but he won't run the session, he said with a laugh. "I have always loved to do woodworking but have not had time to do it, so I look forward to that. My wife has an RV, but I've never slept in it. It will be nice to use it and make a few trips. And it will be nice to visit my five grandchildren."
Hollen sees the credit union movement as having a "robust future." He predicted there will be fewer credit unions, but said he thinks CUs are well poised for growth. "We will continue to see a high level of cooperation that you just don't see in the commercial banking sector."
Hollen's career has included a number of honors, including the California Credit Union League's Leo H. Shapiro Lifetime Achievement Award, and induction into the Credit Union Executive Society (CUES) Hall of Fame.
"I have been very fortunate in my career to be in the right place at the right time to have the resources to build things that will help credit unions into the future," he said. "All any of us can ask for is the opportunity to make a difference."
