News

Co-op financial services acquires TMG, announces restructuring

April 4, 2017

Co-op Financial Services has acquired TMG and restructured its leadership, the credit union service organization announced on April 3.

Co-op had been the minority owner of TMG and purchased all remaining shares of the company from the Iowa Credit Union League for $100 million, according to a press release.

With the acquisition of TMG, Co-op becomes a fully-integrated, comprehensive payments services company, realizing the vision of the original partnership formed by the two companies in January 2012.

"The combined forces of TMG and Co-op provide credit unions with a single point of entry to the most innovative, tailored, cost-effective products and services as they prepare for a rapidly transforming payments landscape," Todd Clark, Co-op president and CEO, said in the release. "We will offer the market greater integration of the two company's product lines and a simplified, predictive client experience. We will also leverage artificial intelligence, custom business intelligence, consultation and deeper security offerings that marry machine learning and human analysis to perfect authentication, reporting and anticipation of fraud."

The consolidation of Co-op and TMG will result in leadership changes, as follows:

• Shazia Manus, formerly CEO of TMG, will report to Clark and become chief product and strategy officer;
• Nick Calcanes, previously with Fiserv, joins the executive management team as chief information officer;
• Kari Wilfong, formerly chief financial officer and executive vice president, has been named chief financial officer and chief administrative officer;
•  Samantha Paxson joins the executive management team as chief experience and marketing officer; 
• Jim Hanisch, formerly executive vice president of network operations and corporate development, has been appointed chief operating officer;
• Mathew Kardell, previously with First Data, joins the executive management team as chief revenue officer;
• Jill DeNiro, formerly executive vice president of human resources, has been named chief people officer;
• Paul Love, previously with the Federal Home Loan Mortgage Corp., joins the company as chief information security officer.

"We believe the combining of Co-op and TMG adds up to a 'dream team' of the payments and financial services industry," said Clark. "It's an exciting time. With our expanded leadership team, Co-op's and TMG's dedicated employees, and a well-defined go-to-market strategy, we have never been in a better position to lead and serve the credit union movement."