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CO-OP Financial Services acquires TMG

Credit union-focused payments company CO-OP Financial Services has acquired all remaining shares of Des Moines, Iowa-based TMG from Iowa Credit Union League for $100 million.

CO-OP also restructured its leadership team to integrate the new combined organization. Former TMG CEO Shazia Manus will become chief product and strategy officer, and Nick Calcanes was brought in from Fiserv Inc. to work as chief information officer.

Kari Wilfong was promoted to CFO and chief administrative officer and Samantha Paxson was named chief experience and marketing officer. Jim Hanisch, formerly executive vice president of network operations and corporate development, was appointed COO, and Mathew Kardell joined as chief revenue officer. Kardell was previously with First Data Corp.

Jill DeNiro, formerly executive vice president of human resources, was named chief people officer and Paul Love, previously with Freddie Mac, joined as chief information security officer.