Rancho Cucamonga, California, and Alexandria, Virginia – CO-OP Financial Services and InFirst Federal Credit Union are announcing a definitive agreement transferring ownership of a Credit Union Family Service Center (CUFSC) in Marlow Heights, Maryland, from CO-OP to the credit union.
“The team at InFirst Federal Credit Union is excited to open our first branch in Marlow Heights, Maryland,” said Marty Wye, President/CEO of InFirst FCU. “We are pleased that the current branch employees will join us in welcoming members to our newest shared branch outlet. InFirst FCU looks forward to serving credit union members, and their families, with financial services when and where they need them.”
“InFirst FCU is an experienced operator of shared branch outlets, and we are delighted to work with their team during this transition,” said Jim Hanisch, President, CO-OP Network. “The CUFSC Marlow Heights staff will become InFirst FCU employees when the location opens as an InFirst FCU shared branch location.”
The Marlow Heights outlet is the last CO-OP-owned location in the CO-OP Shared Branch network. Earlier this month, CO-OP announced that seven branches in the Detroit, Michigan, area were purchased by Public Service Credit Union of Romulus, Michigan. Two additional branches in that area will close in late June, with staff transferring to Public Service CU along with the employees of the other seven branches.
“Owning branches is not a strategic imperative for CO-OP, but all the branches sold this month are wonderful fits for the purchasing credit unions,” said Hanisch. “Finding the most efficient way to operate shared branching is part of our commitment to growing the CO-OP Shared Branch network.”
CO-OP Shared Branch comprises 5,700 branches throughout the United States with 1,800 credit unions participating. Shared branching is a concept unique to the credit union industry, enabling members of participating credit unions to enter any branch in the network and conduct their business as if they were in their own home branch. For more information, visit the webpage here.
About InFirst Federal Credit Union
InFirst Federal Credit Union, headquartered in Alexandria, Virginia, is a member-owned cooperative, providing financial solutions to many active and retired federal employees and their families, as well as anyone who lives, works, worships or attends school in King George, Virginia. Originally chartered in 1935, InFirst FCU serves more than 11,000 members nationwide and has assets of approximately $170 million.
About CO-OP Financial Services
CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.co-opfs.org.