Shared Branching Continues to Grow in Indiana and Illinois
Credit Union Centers, the shared branching vendor in Indiana and Illinois, has added three more credit unions to its access expanding effort.
This means that 101 out of the states' 541 combined credit unions (or about 19%) participate and that these credit union members can find shared branching at about 24% of the states' branches, CUC said.
The three new shared branching credit unions are the $320 million, 39,898-member CommunityWide FCU in South Bend, Ind.; the $159 million, 23,238-member Land of Lincoln CU in Decatur, Ill.; and the $67 million, 12,248-member Natco CU in Richmond, Ill.
All three credit unions will start shared branching in June or July, CUC said.
According to Andrew Burggraf, chief operating officer at CommunityWide FCU, the credit union has a large indirect lending membership base and will leverage shared branching to help serve and increase account relationships with these members.
“We wanted to give our members more access to basic financial services on a local level as well as a more broad regional level of service,” Burggraf said.
He added that joining CUC’s network provides more convenience and a greater opportunity for more members to view CommunityWide as their primary financial institution with many more outlets at a very reasonable cost.
Dan Davis, chief financial officer for CUC, said, “Not only is it cost-effective for the credit union but more importantly it’s a huge convenience factor for members who may be out of reach of a branch and still require personal service.”