"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," said Doug Ferraro, Chairman of the Board of CO-OP, and President/CEO of Bellco Credit Union of Greenwood Village, Colorado. "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, 2016, 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, California (San Diego area), May 3-6, 2016. Attendees can register immediately at http://co-opthink.org/events/think-16.
Ferraro anticipates that the CO-OP Board will have selected a successor by May. The executive search firm Korn Ferry has been retained to conduct recruitment. "Our goal is to identify candidates whose experience and skills are aligned closely with our strategic objectives heading into 2016, maximizing continuity, growth and outstanding client service," Ferraro said.
"CO-OP is in absolutely robust health, with total assets up 18 percent, shareholders equity up 21 percent and comprehensive income up 113 percent for the first three quarters of 2015 compared to the previous year," said Ferraro. "Not only are we in great financial shape, but Stan has also built up an extremely strong Executive Management Team, and the Board has complete confidence in its steady leadership as we move into this new phase of the company's history."
Hollen joined CO-OP in June 2005, and among the transforming effects he has had on the company is the name itself. Within a year of his arrival, in May 2006, CO-OP Network was renamed CO-OP Financial Services. CO-OP has also received consistently high marks from its clients for consumer service, with a satisfaction rating of 8.80 (out of 10.0) for July-December 2015.
Prior to CO-OP, Hollen served as Vice President with CEFCU in Peoria, Illinois; President/CEO of Liberty Enterprises, Inc., in Mounds View, Minnesota; and Golden 1 Credit Union in Sacramento, California, 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.
Among the more recent accomplishments by CO-OP during Hollen's tenure include:
"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."
For more information about CO-OP, visit www.co-opfs.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company helps credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations" (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.