COCC Names Matthew Sosik Board Chairman

Matthew Sosik, CEO of TruNorth Bank, succeeds Richard A. Leone as chair of the Connecticut-based fintech cooperative's board.

Updated on Nov. 4, 2026 in People

COCC, a Connecticut-based fintech owned as a cooperative by the lenders that use its services, named Matthew Sosik chairman of its board of directors. Sosik replaces Richard A. Leone, who was at the end of his term as board chair.

Why it matters

The leadership change shifts the board's chair to a sitting director who is also CEO of a member lender, while COCC's core management remains in place. The move reflects the cooperative structure in which lender clients govern the fintech that serves them.

No financial or operational figures were disclosed in the announcement. COCC provides core banking services, payments technology and other products to lenders in the Northeast and parts of the Midwest.

The players

Matthew Sosik

Matthew Sosik is CEO of TruNorth Bank and a member of COCC's board who now serves as its chairman.

Richard A. Leone

Richard A. Leone is COCC's president and CEO, who previously served as board chair and remains a management director.

COCC

COCC is a Connecticut-based fintech cooperative owned by the lenders that use its core banking and payments services across the Northeast and parts of the Midwest.

The details

COCC announced on a Tuesday that Matthew Sosik, who was already serving on the board, would become chairman. Richard A. Leone, COCC's president and CEO, steps down as chair but will continue as the top executive and sit on the board as a management director. Sosik will also continue to sit on a pair of board committees, and a director named Fred joined the board.

Tuesday, November 3, 2026: COCC announces Sosik as board chairman.

Market Landscape

COCC operates as a lender-owned cooperative, a model in which the banks that depend on its technology hold its governance. Placing a member lender's CEO in the chair role keeps board oversight closely tied to the institutions that use the company's services.

For the banks that use COCC's services, the chair change alters who leads board oversight of the technology they rely on, though day-to-day operations remain under Richard A. Leone. Customers of those lenders are unlikely to see immediate changes from the leadership shift alone.

The takeaway

Leadership changes at lender-owned cooperatives can reshape governance without changing daily operations, so watch who holds board seats at the institutions whose services you depend on. Board composition often signals how closely a provider is tied to its member banks.