Lifelong Credit Union Leader Stan Hollen Named CO-OP Network CEO; Former Liberty Enterprises CEO to Direct Country's No. 1 Credit Union ATM/EFT Network

Business Wire, June 16, 2005

ONTARIO, Calif. -- Stanley C. Hollen has been named CEO of CO-OP Network, succeeding Robert Rose, who is retiring after heading the Ontario, Calif., electronic funds transfer network for 15 years. Hollen, the former president and Chief Executive Officer of Liberty Enterprises in Minnesota, assumes his CO-OP Network duties immediately.

Rose will serve as an advisor through the end of the year and will have ongoing Network involvement as an ambassador to Children's Miracle Network. E[acute accent]Prior to 2002 when Hollen joined Liberty, a credit union-focused check printing, payment systems, marketing and technology solution provider, he was the long-time CEO of The Golden 1 Credit Union in Sacramento, Calif., helping that organization become the country's fifth largest credit union. E[acute accent]"The board of directors, assisted by executive search firm Muller and Associates, examined an array of candidates from throughout the financial services industry, and Stan Hollen topped our list for a variety of reasons," says Dave Maus, Chairman of the CO-OP Network Board of Directors and CEO of Public Service Credit Union in Denver, Colorado. "During his remarkable 33-year financial industry career, Stan's developed an unmatched knowledge of the credit union landscape. As shown by his successes at Golden 1 and Liberty, he possesses the foresight to develop and implement strategic long-term plans and is ideally experienced to provide strong leadership for CO-OP Network and the credit union industry." E[acute accent]Hollen's entire professional career has been spent in the credit union arena, first serving on a credit union board at age 19. From 1973 to 1984, Hollen was vice president at Construction Equipment Federal Credit Union in Peoria, Ill., where he created one of the early shared ATM networks with local banks and thrifts. When he became Golden 1 CEO in 1984, the credit union had $295 million in assets; upon his departure in 2002, the organization boasted an asset base of nearly $4 billion -- and 13 executives from his management team had become credit union CEOs. Most recently at Liberty, which was purchased by Harland earlier this year, Hollen led a company-wide diversification of its product lines to be more attuned with technology. E[acute accent]"For the past two years, Bob Rose and the CO-OP Network board have been formulating a smooth CEO transition," says Maus. "A calculated succession plan was adopted and naming Stan Hollen as CEO is part of a natural evolution at CO-OP Network. Bob Rose guided CO-OP Network to the top of our industry, and Stan is the type of leader to continue providing maximum value to our credit union members and shareholders." E[acute accent]When Rose became CO-OP Network CEO in 1990, the company was the 49th largest EFT network in the country. Today, following 12 consecutive years of record annual transaction growth and nine cash patronage distributions for member-shareholders in the last eight years, CO-OP Network is the No. 1 credit union network and largest financial institution owned network in the country. E[acute accent]"Cooperation has been the hallmark of the credit union industry for more than 150 years," says Rose. "Similarly, CO-OP Network exists because its like-minded credit union membership thrives in a cooperative atmosphere. During my 15 years at CO-OP Network, the organization has expanded and prospered due to the incredible efforts of our board of directors, dedicated staff and management and the support of our loyal shareholders. E[acute accent]"I've known Stan Hollen for over 20 years, and this sense of teamwork will continue to flourish under his leadership. Stan's considerable management skills and financial industry savvy will further solidify CO-OP Network's standing as the ultimate processing and ATM network source for credit unions." E[acute accent]Hollen stated, "It is an honor to become a part of the CO-OP Network organization. CO-OP Network's enormous successes will actually ease my transition into the CEO's chair. I plan to continue following the steady course Bob and the Board have charted for this amazing organization, and I assure you the core CO-OP Network values of pursuing industry cooperation will remain unchanged." E[acute accent]CO-OP Network (www.co-opnetwork.org), established in 1981, is wholly-owned by its credit union shareholders and provides volume discounts on products and services that include risk management as well as debit and deposit access. With 1,793 credit union members, 20,000 surcharge-free ATMs, 92 million-plus monthly transactions and 23 million cardholders, CO-OP Network is the No. 1 credit union EFT network in the U.S. financial services industry. CO-OP Network, whose membership has access to over 800,000 ATMs worldwide through links to NYCE, STAR, Cirrus, Pulse and Plus, also offers national shared branch services via its subsidiary, Service Centers Corporation, based in Southfield, Mich.