CO-OP Shared Branching, the shared branching arm of CO-OP Financial Services, has added 264 shared branch locations since the first of the year, CO-OP has announced.
The CUSO credited the downturn in credit unions building their own branches for the increase in using shared branching.
"We are not seeing growth of shared branching clustered in any particular region of the country," said Carroll Beach, CO-OP shared branching president/chief operations officer. "Instead, the new locations are scattered all over the United States, giving members true coast-to-coast convenience. Many new participants find this trend of geographically widespread adoption appealing because it can only be accomplished through cooperation, and it speaks volumes about the unity of the credit union movement."
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Capital Educators FCU in Idaho, which is scheduled to go live on shared branching this fall, is one of those credit unions. Although the credit union has not been forced to shutter any branches or freeze expansion plans, it sees shared branching as an important complement to its own branch channel.
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