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PSCU Financial Services President Serlo dies at 63

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ST. PETERSBURG, Fla. (6/28/10)--David J. Serlo, president/CEO of PSCU Financial Services and a pioneer in the organization of credit union service organizations (CUSOs), died Friday from complications caused by cancer, according to the company. He was 63. Serlo had been on medical leave since the fall of 2009 but continued to be accessible to company executives. Serlo had nearly 40 years' experience in the credit union industry. He was a pioneer in promoting the philosophy that credit unions should be served by CUSOs and other companies that equip individual credit unions--and the industry as a whole--to compete with much larger financial services providers. PSCU Financial's board will continue its oversight of the company and will spearhead the search for a new company president, said Board Chairman Craig Esrael, president of First South CU, Bartlett, Tenn. Earlier this year, the board named Mike Yatros as interim CEO and formalized a management team of group executives that includes Chuck Fagan, Tom Gandre and Steve Salzer. "PSCU Financial Services is positioned for continued growth using the Serlo stylebook that has long been embraced by the leaders of this company," Esrael said. "His visionary contributions to this industry will impact credit unions and their members for decades to come." Serlo began his career as an examiner with the National Credit Union Administration (NCUA). He spent 13 years learning the movement and in 1983 became the first full-time employee of Payment Systems for Credit Unions, which evolved into PSCU Financial Services, the nation's largest CUSO. The cooperative now provides services to more than 1,500 financial institutions and has more than 1,700 employees. Serlo served on the board of NACUSO and Credit Union Miracle Day Inc. and on numerous advisory councils of the industry. He was a member of Visa's Card Operations Risk Executive Council and funded industry research through his commitment to Filene Research Institute. He spearheaded the PSCU Financial's role as lead corporate sponsor of the annual Credit Union Cherry Blossom Run in Washington, D.C. He recently was awarded the Ernst & Young Florida Entrepreneur of the Year award for accomplishments fostered at the CUSO and recently received the Distinguished Alumni Award from Indiana University of Pennsylvania. He also actively supported organizations such as Children's Miracle Network. Serlo is survived by his wife, Tina, and his children, Adam, Mark and Katie. Funeral services will be held in Tampa and will posted on the company's website at