Shared branching in Indiana and Illinois is on a roll and its CUSO advocates claimed a milestone this week–a larger branch network than its biggest competitors including Chase Bank, PNC/National City and Fifth Third.
The shared network run by Credit Union Centers of Indiana, an affiliate CUSO of the Indiana Credit Union League and linked to Atlanta-based Credit Union Service Corp, said it now has 201 shared outlets in the state with fresh expansion underway in Illinois "where we will take on Chase."
In Indiana, the largest bank-run networks include Chase with 189 outlets, National City/PNC at 184, Old National at 153, and Fifth/Third at 147.
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"This really speaks to the power of credit unions and the cooperation among Indiana credit union leaders," said Karol Griffin senior vice president of Teachers CU of South Bend and president of CUCI.
In Illinois where 64 shared CUCI outlets are now operating "after only limited marketing," the president/CEO of shared branching's biggest CUCI booster, Paul Simons, of Credit Union 1 of Rantoul, acknowledged initial skepticism about the concept and the cost but he is now among the converted "particularly since the last couple years I've made $8,000 a month in net income from the branches and in these kinds of times who could scoff at that."
Simons spoke from Las Vegas where he is doing double duty as interim CEO of the troubled Cumorah CU following the resignation of its former CEO, Tony Mook.
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