BROOKFIELD, Wis. - Greg Derkacht's meandering career through the credit union data processing industry has taken yet another turn. Derkacht, who most recently served as President of Fiserv's Credit Union Systems Division, has left Fiserv to go to rival processor Sanchez Computer Associates, Malvern, Pa. Derkacht will head up Sanchez's e-Profile subsidiary. e-Profile provides a suite of solutions for institutions offering banking services over the Web. It is the primary solution provider behind Wingspanbank.com. Sanchez announced last month that it planned on taking e-Profile public within the next six months. Derkacht has crossed paths with Fiserv before. He was CEO of Summit Information Systems when Fiserv acquired Summit in 1993. He soon left to become CEO of credit union data processor USERS, Valley Forge, Pa. USERS later joined credit union data processor XP Systems, Moorpark, Calif., under the holding company Envision Financial Technologies, which Derkacht became CEO of. Derkacht moved to Chicago where EFT's majority owner Golder, Thoma, Cressey, Rauner, Inc., an investment firm, was located. At that time Derkacht said EFT might begin making acquisitions in the credit union data processing industry, similar to what Fiserv was doing in the industry. In September 1999 a proposed merger between EFT and credit union data processor C.U. Processing was announced. That deal later bottomed out for reasons unknown. Then in August of 1999 Fiserv announced that it would be acquiring EFT. Derkacht was promptly named president of Fiserv's Credit Union Systems Division, a powerful unit that contains six major credit union data processing Fiserv subsidiaries. Fiserv officials said one of the factors for the deal was to bring Derkacht back to Fiserv. According to sources, Derkacht left Fiserv unexpectedly about three months ago. Derkacht is rumored to have a close relationship with the Sanchez brothers, Michael and Frank, which could have played a role in the move. Derkacht's departure left Fiserv's Credit Union Systems Division spot vacant. Paul Danola, president of Fiserv's e-Products & Services division was named president of the credit union division. It is a position that Danola has held before. Fiserv officials said for now Danola will wear both hats. "It's now being run by Paul Danola. He did a wonderful job with it when he ran it," said Les Muma, CEO of Fiserv. "It's more of a management oversight coordination position so each part of the credit union division knows what the other is doing so we develop something once instead of six times." As far as Derkacht leaving Fiserv a second time, Muma said he wishes him all the luck in the world. "Greg is an entrepreneurial man, a man on his own. I think he will be successful anywhere he goes," said Muma. As for the credit union division, Muma said the division will continue to make client service the biggest priority. He said sales have risen for the division since Y2K passed. One possible impact for credit unions is whether or not Derkacht's presence at Sanchez will bring it into the credit union industry. Currently, Sanchez has very little penetration in the industry. Derkacht did not return calls from Credit Union Times. -
pgentile@cutimes.com
