MEMPHIS–Ownership in the data processing CUSO Share One has changed, shifting from an employee and client ownership structure to a majority client-based credit union CUSO.
According to the organization, the stockholder ownership transfer was finalized by Jerry Williams, president/CEO of Eglin FCU; Martin Eakes, CEO of Self-Help and Self-Help FCU, and David Tuyo, president/CEO of University Credit Union. Collectively, the three credit unions own the majority in equal shares with the new structure.
As part of the deal, Share One's employee majority shareholders, including retired President/CEO Daryl Tanner, CFO Carla Tanner, SVP-Development Rick Larsen, SVP-Sales Don Conrad, VP-Sales Scott Eungard, and President/CEO Teri Van Frank have sold their shares to the three credit unions to complete the process.
Van Frank, Conrad, Larson, Eungard and Tanner have resigned their board positions as required by the transfer. Eakes, Williams and Tuyo will now comprise the board of directors. Van Frank, Tanner, Conrad, Larsen and Eungard will remain on staff.
The company was acquired in 1995 by Paul New and renamed Share One and has for more than four decades offered core software and hardware. are solutions. It eventually moved from being privately owned to becoming a CUSO known for its core software, NewSolutions.
‘Building Relationships’
"Our focus has always been on building relationships," said Van Frank. "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.”
Stock in Share One is owned by 18 credit unions: Eglin FCU, Ft. Walton Beach, Fla., $2 billion; Self-Help CU, Durham, N.C., $1.1 billion; University CU, Los Angeles, $721 million; Beacon Community CU, Louisville, Ky., $64 million; Cascade Community, Roseburg, Ore., $237 million; Class Act FCU Louisville Ky., $224 million; Coast 2 Coast, Tampa, $21 million; CORE CU, Statesboro, Ga., $100 million; Emery FCU, Cincinnati, $152 million; Healthcare Systems FCU, Falls Church, Va., $85 million; Jefferson County FCU, Louisville, $126 million; JM Associates FCU, Jacksonville, Fla., $125 million; Northern Star CU, Portsmouth, Va., $88 million; One Vision FCU, Clarksville, Ind., $57 million; Railroad CU, Irondale, Ala., $107 million; Rio Grande FCU, Grand Junction, Colo., $56 million; Southern Security FCU, Memphis, Tenn., $170 million; and Upward CU, Burlingame, Calif., $80 million.
‘Close Partners’
“Eglin Federal Credit Union and Share One have worked as close partners since the inception of the NewSolutions line of products. 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,” Jerry Williams, President/CEO of Eglin FCU, one of the three new majority owners.