Shared Branching Turning 30 this Month
SOUTHFIELD, Mich. - Shared branching, the notion that members of one credit union can use the facilities of another credit union to conduct transactions through a shared branch network, turns 30 years old this month as the Service Centers Corporation, now a subsidiary of the CO-OP Network celebrates its anniversary. What began with five credit unions in the Detroit, Michigan-area sharing one SCC facility in Riverview, Michigan, in 1975 has become three nationwide shared branching networks which together serve more than 1,100 credit unions nationwide and overseas, SCC said. "Although technology plays a large role in today's financial environment, branch locations help credit unions foster and expand member relationships," said CO-OP Network CEO Stan Hollen. "After 30 years of leading the shared branching charge, SCC has proven that shared branching is here to stay."