CO-OP SHARED BRANCH SURPASSES 5,300
With 5,341 branches, CO-OP Shared Branch is now the nation’s third largest network of financial institution branches, according to data drawn from the FDIC—surpassing Bank of America’s 5,244 branches.
“We have achieved a significant milestone by reaching more than 5,300 branches, but the sky is still the limit for our industry’s unique shared branching concept,” said Stan Hollen, president and CEO, CO-OP Financial Services. “There are about 1,800 credit unions participating in shared branching, offering convenient branch access to more than 52 million members wherever they may travel in the United States.
In addition to the more than 5,300 “live teller” branches, CO-OP Shared Branch also includes nearly 1,800 self-service kiosks within select 7-Eleven stores nationwide.
The credit union industry’s shared branch network is also gaining fast on the two remaining networks with more branches. Chase has 5,892 branches and Wells Fargo has 6,392 according to the FDIC.
“In addition to member convenience, shared branching offers a means of generating revenue and operational efficiencies for participating institutions,” said Hollen. “If all of the nearly 7,000 credit unions in the U.S. were part of shared branching, our locations would number about 21,000.”