SUGAR LAND, Texas -- In another indication of the move from stand-alone, shared branching facilities to shared branching outlets, a Houston-based credit union has announced the purchase of three stand-alone shared branch facilities, planning to convert them to its own branches with shared branch outlets.
The $300 million Houston Federal Credit Union purchased the shared branching facilities from Credit Union Resources, Inc., an affiliate of the Texas Credit Union League.
Houston FCU spokesperson, Tracy Stabenow, said the credit union planned to operate the facilities as its own branches as well as keep them open as shared branching outlets. The credit union plans to use the new locations to reach into different parts of the credit union's field of membership.
"We are excited about the opportunity to join forces with the Texas Credit Union Service Centers which will greatly enhance our ability to deliver exceptional service to credit union members throughout Houston and nationwide," said Chris Choat, president of Houston Federal Credit Union.
"The operation of these facilities will continue as they are today--serving members from all credit unions affiliated with the Credit Union Service Center network. We are fully focused on implementing a smooth and seamless integration plan to ensure that our top priority, credit union members, continue to receive the personal and quality service they have known for many years."
"Today marks a momentous occasion when two great organizations join together for the benefit of credit union members. We have tremendous confidence in the combined Houston Federal Credit Union--Texas Credit Union Service Center team," added Paul Ellis, vice president with Credit Union Resources, Inc.
The shared branching model using stand-alone facilities to serve many credit unions originated with the Shared Service Center shared branch network, which has since merged with CO-OP Financial Services. The model has steadily lost ground in favor of the shared branching outlet model, which relies on the branches of existing shared branching credit unions to provide shared branch services.