GROTON, Conn. – Another credit union has joined Charter Oak FCU as the second credit union in Connecticut to join with the Credit Union Service Corporation in shared branching. The $418 million Charter Oak formed a wholly owned service organization, called SCCT, to help facilitate the shared branching effort in the state. The new credit union is the $50 million Stamford FCU, headquartered in Stamford, Connecticut, CUSC said. “The network in Connecticut is taking shape,” says Kevin O’Donnell, operations manager for SCCT. “By joining the network, Stamford Credit Union, in Fairfield County of Connecticut, realizes the potential that shared branching will bring to their members. They will transform from a one branch facility to a 1,000 branch facility overnight.” According to O’Donnell, shared branching continues to be an increasingly important financial service delivery strategy for credit unions in the Northeast, especially considering there are three banks in Connecticut each having over 100-plus branch locations spread throughout the state. “Banks realized along time ago that convenient physical access to financial services is the preferred criteria people use in selecting their primary financial institution,” says O’Donnell.

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