09/20/2026
An Update on the Sharetec Outage and Our Core Processing System
We know many of you have questions about the recent Sharetec outage, what caused it, and how an issue with a technology provider can impact your credit union.
Now that Sharetec has restored its systems and the outage has been resolved, we wanted to take the opportunity to explain what happened and, perhaps more importantly, share where we are headed from here.
What Is a Core Processor?
A core processor is essentially the central computer system that a credit union uses to manage its members' accounts and financial transactions.
Think of it as the engine that operates behind the scenes.
While our credit union has its own employees, branches, ATMs, debit cards, online banking, mobile banking and other services, the core processing system is where much of the underlying account information and transaction activity is maintained.
The core system handles things such as:
• Member account balances and transaction history
• Deposits and withdrawals
• Loans and loan payments
• ACH transactions and direct deposits
• Account-to-account transfers
• Debit card and other transaction processing
• Interest calculations
• Account records and other essential financial information
Sharetec is the company that has provided our core processing system.
What Happened With Sharetec?
Sharetec recently experienced a significant infrastructure failure at the data center supporting its core processing system. The incident was related to a cooling-system failure that resulted in damage to equipment supporting the system.
Because the core system was unavailable, credit unions using Sharetec were limited in their ability to access member accounts and process certain transactions.
The important thing to understand is that our credit union itself did not experience a failure of our internal systems, nor did we lose members' accounts or funds. The problem was with the outside technology infrastructure provided by Sharetec.
Sharetec has now restored its systems, and the outage has been resolved.
We appreciate the patience and understanding of our members and employees who were affected while the system was being restored.
Our Relationship With Sharetec
There is another important piece of information we believe our members deserve to know.
We have made the decision to end our relationship with Sharetec; however, this decision was made before this recent outage occurred.
For some time, we have experienced various performance issues, system limitations and service-level concerns with Sharetec. Over time, we came to the conclusion that the level of service and performance we were receiving did not meet the needs and expectations we have for our members.
As a result, we had already formally given Sharetec notice back in 2025 that we would be ending our partnership with them and moving to a different core processing provider.
Unfortunately, changing a core processor is not something that can happen overnight. It is a major undertaking that involves converting member account information, testing systems, integrating debit cards and other services, training employees, and making sure everything works properly before the switch takes place.
Under the terms of our existing agreement with Sharetec, August 2027 is the earliest we are permitted to leave the contract without incurring significant financial repercussions.
Therefore, our plan has been to complete the transition and move to a new core processing system in August 2027.
Why Does This Take So Long?
Changing a core processor is one of the largest technology projects a credit union can undertake.
The core processor touches virtually every aspect of how we serve our members. Before making the change, we have to make sure the new system can properly handle everything from everyday deposits and withdrawals to loans, ACH transactions, debit cards, online banking, mobile banking and countless other functions.
Our goal isn't simply to find a different system. Our goal is to find a better system and a technology partner that will provide the performance, reliability and level of service our members deserve.
Looking Ahead
While the recent Sharetec outage was frustrating and disruptive, it did not change the direction we were already headed.
We were already committed to making a change.
We will continue working toward our planned conversion to a new core processor in August 2027. Between now and then, we will be focused on preparing for that transition carefully and thoroughly so that when the time comes, we can provide our members with a core system that better supports the service and experience we want to deliver.
We sincerely appreciate your patience, understanding and continued trust in us.
We recognize that when our technology doesn't perform as it should, you are the one who feels the impact. That is why we believe it is important to be transparent about what happened, what we have done about it, and where we are going from here.
Thank you for being a member and for allowing us the opportunity to serve you.
