COCC Puts Lender-Board Leader in Chair

Community banks that own and use COCC's core banking services will now see a bank CEO lead the cooperative's board.

Updated on Nov. 4, 2026 in People

COCC, a Connecticut-based fintech owned as a cooperative by its lender clients, named Matthew Sosik, CEO of TruNorth Bank, as chairman of its board. Sosik replaces Richard A. Leone, whose term as board chair had ended, and he will continue to sit on a pair of board committees.

Why it matters

For community lenders that rely on shared core banking and payments infrastructure, board leadership shapes the direction of the cooperative's services and vendor relationships. The change keeps a sitting board member and bank CEO in the chair, with Leone remaining on the board in a management role.

No quantified metrics were disclosed in the announcement. The appointment is a governance change: one board seat moves from Leone's chair role to Sosik, and Fred joined the board as a new member.

The players

COCC

A Connecticut-based fintech owned as a cooperative by its lender clients, providing core banking services, payments technology and other products to lenders in the Northeast and parts of the Midwest.

Matthew Sosik

CEO of TruNorth Bank and newly named chairman of COCC's board, previously a current board member.

Richard A. Leone

President and CEO of COCC, who stepped down as board chair and remains on the board as a management director.

The details

COCC is owned as a cooperative by the lenders that use its services, so its board is drawn from the institutions it serves. Matthew Sosik, already a board member, now chairs the board while continuing as CEO of TruNorth Bank. Richard A. Leone, who was at the end of his term as board chair, remains COCC's president and CEO and sits on the board as a management director.

COCC announced Sosik's appointment as board chairman on a Tuesday, ahead of November 4, 2026.
Leone's term as board chair had reached its end at the time of the announcement.

Market Landscape

COCC's structure as a cooperative owned by the lenders it serves ties its board composition to its customer base, which differs from venture-backed or publicly held fintech providers. Leadership drawn from partner banks is a recurring feature of cooperative service models in regional banking.

Community banks that use COCC's core banking and payments services should note that the board now includes a sitting bank CEO in the chair, which may shape vendor governance discussions. Operators reviewing their technology partners may want to ask how board leadership affects service priorities.

The takeaway

Lender-owned service providers tie governance to the banks that depend on them, so operators should watch how the new chair's dual role affects service decisions. Reviewing board minutes or member communications from COCC over the coming quarters will show whether the leadership change alters priorities.