CO-OP, FSCC To Merge Shared Branching
In a move which some have seen looming for years, CO-OP Financial Services and Financial Services Centers Corp. have signed a letter of intent to merge their shared branching operations.
According to the firms, that combined network will involve 1,700 credit unions with more than 4,300 branch locations and 2,200 kiosks located in 7-Eleven stores.
The merger was also helped because, even though they competed, shared branching organizations have always kept close technical links and allowed members of credit unions in the other organizations to conduct transactions in their branches.
This effectively meant that members of shared branching credit unions had shared branching outlets available across the U.S., and Hollen said the new organization would build on that history to get to where it could rival Bank of America for the most bank branches in the U.S.