The economic downturn appears to have spurred the growth of shared branching this year, according to one major shared branching network.
CO-OP Shared Branching, the shared branching subsidiary of CO-OP Financial Services reports that 43 credit unions have started shared branching through its network from January to April of this year. Last year, only 40 credit unions started shared branching over the same time period.
Though it may not be a large increase in new participants, Carroll Beach, CO-OP Shared Branching chief operating officer, contended the growth is significant.
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"When most organizations are looking for ways to cut back expenses, shared branching remains an integral solution in meeting the high expectations of both existing and potential members," Beach said. "It's a much more affordable way for credit unions to be around every corner than building proprietary branches."
"As more consumers are learning about and turning to credit unions, the time has never been better for credit unions to tout the convenience and accessibility that a branch network of 3,700 nationwide locations provides. It is a convenience that can be matched by only three of the very largest bank foes," he added.
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