The name and logo of CU Service Centers will be replaced with CO-OP Shared Branch, during a two-year rebranding process at participating credit unions across the country.
The move follows last year’s merger of CO-OP Financial Services and Financial Service Centers Cooperative (FSCC).
“The merger of CO-OP and FSCC last year has led to a rapid expansion of the industry’s shared branching network – and the opportunity to unify the brand and make the unique credit union concept of shared branching much better known to consumers,” said Stan Hollen, CO-OP president/CEO.
Hollen announced the change at CO-OP’s annual THINK Conference in Chicago.
Migration to the new logo will be done in a phased approach for the benefit of current shared branch users, as well as participation credit unions and state networks.
The Boards of Directors of Service Centers Corporation (SCC), Credit Union Service Corp. (CUSC) and FSCC, LLC—the three entities that comprise CO-OP Shared Branching— approved the branding initiative.
“Leveraging CO-OP’s already strong brand recognition will help credit unions educate their members about the credit union difference, not to mention shared branching,” said Craig Beach, president/COO of CUSC, and Sarah Canepa Bang, president/COO of FSCC and chief strategy officer of CO-OP Shared Branching, in a joint statement.
CO-OP Shared Branch has 5,000 “live teller” branches nationwide, trailing only three national banks in terms of branch locations. It also offers members access to more than 2,000 self-service locations at credit union branches and in select 7-Eleven stores.
CO-OP Network to be CO-OP ATM
CO-OP Financial Services is also making a slight revision to the ATM brand, to ensure that the ATM and shared branch networks present the same look and feel to consumers.
CO-OP Network will rebrand as “CO-OP ATM,” featuring a new logo.
CO-OP Network, which incorporates 30,000 ATMs nationwide, 9,000 of which are deposit-taking, is the largest credit union ATM network, and larger than any network operated by a bank.
Further CUNA analysis of the U.S. Department of Labor’s overtime rule found minor relief, but CUNA remains concerned about the increased burden on credit unions. Several CUNA-suggested changes were included in the final rule.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.