Paul Yang, CEO of the $124 million Premier Community Credit Union in Stockton, Calif., was named the recipient of the CO-OP THINK Prize 2012.
Yang received $10,000 for his idea for a person-to-person payment card for CO-OP Network cardholders, the CUSO announced Tuesday night at its annual conference in Boca Raton, Fla.
“My idea is a form of payment services – person-to-person. Anyone with a CO-OP Network card can send money to anyone else having a CO-OP Network card. By having this exclusive person-to-person payment system, members can easily pay one or another member, at any CO-OP ATM,” Yang said in his initial proposal.
After weeks of online voting, the three finalists in the competition presented their business plans to judges at THINK 12.
The two other finalists were Maricela Jauregui, branch manager at the $23 million Mid Cities Financial CU in Compton, Calif., for “QR Code Verification” and Jay Schwartz, vice president of sales and service delivery for the $174 million Marriott Employees’ FCU in Bethesda, Md., for “Social Networking for Credit Union Members.”
“CO-OP congratulates Paul on his winning business plan,” said CO-OP President/CEO Stan Hollen. “Our goal with the CO-OP THINK Prize is to promote and inspire creative thinking on industry issues, and Paul’s plan is a wonderful display of that.”