Dave Serlo, longtime CEO of PSCU Financial Services and theCUSO's first employee, passed away from the complications of canceron June 25. He was 63.

Serlo leaves a legacy of noble standards of conduct andleadership, according to those around him, with a particularemphasis on the idea that credit unions should be served byorganizations devoted to their unique principles and values.

He began with the organization in 1983 and led the group throughits controversial move to the First Data card platform from thenTelecredit (which eventually became FIS) and through a laterexpansion in which the payments CUSO broke out from card paymentsto online banking, telephone service centers and mobile banking. Atlast count, PSCU said it has 1,700 employees and over 1,500 creditunion clients representing over 14 million credit and debit cardaccounts.

Serlo served on the board of directors of NACUSO, Credit UnionMiracle Day Inc. and numerous advisory councils of the industry. Hewas a member of Visa's card operations risk executive council andfunded important industry research through his commitment to FileneResearch Institute.

He led PSCU to take a central role in the sponsorship of theannual Credit Union Cherry Blossom 10-Mile Run, a Washington-basedevent that brings national attention to the nation's creditunions.

He was recently awarded the Ernst & Young FloridaEntrepreneur of the Year Award for the accomplishments he fosteredat PSCU Financial Services and, as a graduate of Indiana Universityof Pennsylvania, Serlo was recently honored with their prestigiousDistinguished Alumni Award.

But Serlo's chief legacy may rest in the CUSO he served and ledfor most of 27 years.

“Dave's DNA is all over that organization,” said Sarah CanepaBang, CEO of Financial Service Centers Cooperative, one of twonationwide shared branching networks. Bang first met Serlo eightyears ago, when both FSCC and PSCU were starting to work with callcenters. Later, PSCU went on to buy Digital Dialog, FSCC's partneron call centers. Bang recalled their first meeting after PSCU hadmade that purchase.

“He took my hand and said, 'I am so looking forward to workingwith your company,'” Bang said. “I have been a CEO for a while now,and you are always meeting people who take your hand and saysomething like 'I am so looking forward to working with yourcompany,' but with David you sort of knew he meant it. That wasjust the sort of CEO and leader he was. His legacy is going to bein PSCU and how it does business and the impact it has even afterhe's gone.”

Peter Kight, founder of CheckFree and now managing partner atComvest Group, recalled working with Serlo.

“At our first meeting almost 10 years ago, Dave said to me: 'Iwill tell you what I think our credit union clients need from youand at what price. I want to understand from your insight what youthink…and then let's see how we can best help my clients servetheir members,'” Kight said.

“From that first meeting,” he added, “Dave and I became friendsbecause that's how he was: honest, straightforward, sincere andalways focused on his members. He didn't ever just say 'no' or'yes;' he would simply explain again what he thought his memberswanted or needed and challenged me to either change his view ormeet his need. What a marvelous way to do business. He was a greatman and a great leader, and he was my friend. I will miss him.”

Bill Cheney, the new CEO of CUNA, agreed with Kight. He knewSerlo from his days as CEO of Xceed Financial Credit Union (thenXerox Credit Union). Xerox had been one of the credit union clientsand owners of PSCU.

Cheney recalled Serlo as both a business partner and a friendand as someone with whom he could always express his opinionsfreely whether or not Serlo agreed with them. “Dave was alwaysdirect and honest about what he thought and why and also willing tolisten to other leaders' opinions,” Cheney said. “We didn't talk asoften after I left Xerox and went on to do other things, but westill spoke from time to time and I was saddened to hear of hispassing.”

Dennis Dollar, former chairman of the NCUA Board and currentlyprincipal of Dollar Associates, likened Serlo to an iconic figureof financial service marketing.

“Dave Serlo was one of the great gentlemen of the credit unionmovement, highly respected and a voice people listened to when hespoke,” Dollar said. “I know folks who didn't always agree withDave, but I know no one who didn't like him and respect him. Hewill be greatly missed and long remembered for his contributions toour industry.”

Bill Sheedy, longtime card executive with Visa Inc. who hasworked for many years with credit unions, called Serlo “apassionate and vital leader in the growth of digital currency.”

“For decades, through his tireless and collaborative efforts, hehelped bring fraud, product and marketing solutions to thousands ofcredit unions and their members across the country. Visa is honoredand committed to build upon Dave's extraordinary legacy by workinghand-CEOin-hand with credit unions to expand the valuable financialservices to an ever-growing community of Americans,” Sheedysaid.

Serlo was also a longtime supporter of charitable andeducational efforts and foundations, including the Children'sMiracle Network, the American Red Cross and others. He also made apoint of supporting organizations that reinforced patriotism andeducation about the fundamentals of American history andgovernment, including Virginia's Colonial Williamsburg Foundation,and held the CUSO's annual meeting at that historic site.

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