JACKSONVILLE, N.C. — Expanding the shared branch reach in North Carolina, the $545 million Marine Federal Credit Union, one of the nation's largest Marine Corps CUs, announced last week it has joined Carolina Credit Union Service Corp. to offer the service to its 100,000 members with an eye on adding new military memberships in 2007.
"We're looking to increase new members by 10% and projecting 5,000 to 10,000 transactions a month," said Richard Jefferson, chief financial officer for the Jacksonville CU, which serves Marines at Camp Pendleton in California, Camp Lejeune in North Carolina, the Marine Air Station in Yuma, Ariz. and other facilities.
Jefferson said recent technology advances on platform and settlement procedures have made shared branching more practical for his CU, which now also becomes linked to the Credit Union Service Corp. of Duluth, Ga. The Carolina unit is affiliated with the North Carolina Credit Union League.
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Separately, the league service corp. said another new shared branch entrant announced this month is the $21 million Food Lion Service Association Credit Union of Salisbury, which said the shared linkup will enable the CU to reach grocery chain employees across the northeast adding to services from its single headquarters location.
As for Marine, Jefferson said the CU is also bringing shared branch outlets online at locations in Virginia. As a military CU, "our members end up moving quite often" and thus the service "will strategically help us retain some of those members," said Jefferson.
The addition of Marine gives shared branching a reach into key retirement and tourist areas along the North Carolina coast, where it did not previously have a footprint, said a CCUS spokesman.
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