RANCHO CUCAMONGA, Calif. (July 30, 2012) – CO-OP Shared Branching recorded rapid growth during the first six months of 2012, following the merger of CO-OP Financial Services and FSCC, Inc. effective at the first of the year.
CO-OP Shared Branching added 55 credit unions to its client roster in the first half of 2012, 31 percent higher than the 42 credit unions that CO-OP and FSCC combined added during the first half of 2011. In addition, CO-OP Shared Branching added 301 new physical branch locations to its network through June 30, 2012, compared to 221 new locations added by the two separate companies at the 2011 mid-year mark, a 36 percent increase.
At the end of June 2012, CO-OP Shared Branching had a total of 1,758 participating credit unions. The number of branch locations totaled 4,648, making CO-OP Shared Branching the fourth largest branch network nationwide, behind only three national banks.
“The expansion of the CO-OP Shared Branching network was one of our key objectives in unifying credit union shared branching services last year, so that credit unions could better serve their members,” said Stan Hollen, President/CEO of CO-OP Financial Services. “Credit unions are clearly seeing the benefits to them of the efficiencies we have gained in branding, technology and administrative costs as a result of the merger.”
Through CO-OP Shared Branching, members can conduct financial transactions at branches of participating institutions as if they were visiting a branch of their own credit union. In addition to branches, CO-OP Shared Branching has 2,200 Vcom® Kiosk locations at 7-Eleven stores.
For more information, visit www.co-opfs.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif. and founded in 1981, CO-OP Financial Services is the industry leader in access and convenience products for credit unions. CO-OP connects credit union members to their accounts through network, payment processing, e-commerce, shared branching and call center services. With more than 3,500 credit union members, 30 million cardholders, 30,000 surcharge-free ATMs, 4,600 shared branching locations (plus 2,200 Vcom® kiosks) and more than two billion annual transactions, CO-OP Financial Services offers the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org.