PSCU Financial Services is moving forward under team management while its board of directors launches a search to replace long-time CEO David Serlo.

The giant payments processing CUSO had put a leadership team in place in August 2009 when Serlo first went on medical leave. The directors 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 style book that has long been embraced by the leaders of this company,” said Craig Esrael, PSCU board chairman and president of First South Credit Union, in Bartlett, Tenn. “His visionary contributions to this industry will impact credit unions and their members for decades to come. Even more importantly, Dave will always be remembered for his exemplary moral character and the altruistic example he set for doing the right thing for employees, credit unions and business partners.”

PSCU spokeswoman Merry Pateuk, said that Serlo had put the team approach into place when he first went on medical leave and added that his focus was always on coming back to work. She said Serlo had kept in contact with the executives while he was on medical leave and that he had participated in a company meeting in February that Pateuk called “incredibly emotional” on account of the overwhelming response the CUSO’s employees gave him.

Serlo’s plan to return to work only changed in May, Pateuk said, when it turned out he required additional treatment.

–dmorrison@cutimes.com