Puerto Rican Credit Unions Extend Shared Branching Pact
Puerto Rican credit unions that participate in shared branching can continue to do so as the shared branching provider on the island has renewed an agreement with CO-OP Shared Branching.
El Circuito Cooperativo Inc., a Puerto Rican shared branching network, first signed on for the service in 2009 with Financial Service Centers Cooperative, then a shared branching competitor with CO-OP Financial Services. The two national networks merged in December 2011 and CO-OP formed CO-OP Shared Branching.
Over the years, 22 Puerto Rican credit unions brought 59 branches online with the network. The new agreement extends the relationship of the two companies to marketing, selling and servicing the CO-OP Shared branching network throughout Puerto Rico.
“El Circuito has been an outstanding partner in our mutual goal of ensuring that credit union members in Puerto Rico have the same convenient access to branch services as the largest financial institution,” said Sarah Canepa Bang, chief strategy officer at CO-OP Shared Branching and former CEO at FSCC.
“This new agreement allows us to work even more closely with CO-OP Shared Branching and provide a greater range of services to our clients,” said Kerwin A. Morales Rivera, president of El Circuito Cooperativo.