Liberty Internet, CUNA Network Enter Merger

Liberty Internet Services and Tampa, Fla.-based CUNA Network Services (CNS) said they plan to merge operations. The new entity will initially serve more than 1,500 credit unions with a range of Internet-enabled products and services. A seven-member board will direct the new business, with Liberty appointing five of those directors. Liberty Enterprises EVP Michael Provenzano, who is also president of Liberty Internet Services, will serve as interim CEO of the newly merged organization. John Hobko, CNS President and CEO, will be EVP and chief businessdevelopment officer with the new entity. A name for the merged organization has not been chosen. "This transaction demonstrates Liberty's continued and increased commitment to help credit unions compete on the Internet," said Liberty Enterprises President & CEO Stan Hollen said.