ONTARIO, Calif. (December 9, 2011) - Financial Service Centers Cooperative, Inc. (FSCC) announced that in a vote held December 8, 2011, its shareholders have unanimously approved the combining of the company's operations with CO-OP Financial Services. The transaction, announced in September, is expected to close in early 2012, unifying credit union shared branch services.
"We are very happy our shareholders so clearly see the benefits of combining with CO-OP Financial Services, which not only advances shareholder value but the vision of FSCC to have every branch of every credit union an outlet," said Sarah Canepa Bang, FSCC President/CEO.
"This is a milestone day in our work to blend the strengths of both companies, creating a more tightly integrated shared branching network," said Stan Hollen, CO-OP President/CEO. "The combination of services will result in efficiencies and economy of scale in branding, technology and administrative costs that will benefit all shared branching participants."
Between the two companies, more than 1,700 credit unions nationwide participate in shared branching, making more than 4,300 physical branch locations available to their members, plus 2,200 Vcom® kiosk locations at 7-Eleven stores. The network allows members to conduct financial transactions as if they were visiting a branch of their own credit union.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., CO-OP Financial Services is the industry leader in access and convenience products for credit unions. With 30 years of credit union service, CO-OP connects credit union members to their accounts through network, payment processing, e-commerce, shared branching and call center services. With more than 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,300 shared branch locations and more than two billion annual transactions, CO-OP Financial Services is the nation's largest credit union service organization, offering the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org.
About FSCC (Financial Service Centers Cooperative,
FSCC is the nation's largest and most convenient credit union Shared Branching Network providing over 6,700 full service deposit-taking locations in all 50 states. FSCC can be summed up in three words: Connectivity, Continuity, and Convenience. Dedication to all three of these values inspired FSCC to create the Collaborative Innovation Model, or CIMple, bringing to the table a full suite of electronic and personal member service tools. FSCC is also the innovator behind 24/7 shared branching at more than 2,200 7-Eleven® Vcom® units. FSCC credit unions represent $149.4 billion in total assets and 12.3 million members. Since 1999, FSCC has returned over $15.5 million to its members through patronage dividends, rebates and return of capital. For more information, please visit http://www.fscc.com or call 888-372-2669 ext. 1236.