CUs vault past BofA in branch numbers: CO-OP
RANCHO CUCAMONGA, Calif. (6/8/15)--CO-OP Shared Branch announced that its shared branching network is now the third-largest financial institution branch network in the United States, surpassing Bank of America.
The figures, compiled by CO-OP Financial Services from the Federal Deposit Insurance Corp., found CO-OP Shared Branch has 5,341 branches compared with 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, CO-OP Financial Services president/CEO. “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.”
The shared branch network of credit unions is gaining on Chase, which is No. 2 at 5,892 branches, and Wells Fargo, which leads with 6,392 financial branches.
However, CO-OP Shared Branch has an additional 1,800 self-service kiosks located in 7-Eleven stores nationwide.
Shared branching allows a member of one credit union to make financial transactions at another credit union that is part of the network.
“In addition to member convenience, shared branching offers a means of generating revenue and operational efficiencies for participating institutions,” Hollen said. “If all of the nearly 7,000 credit unions in the United States were part of shared branching, our locations would number about 21,000.”
“We look forward to the day that all participating credit unions can say they offer the largest branch network in the country,” said Sandy Shenk, state coordinator for Pennsylvania Credit Union Service Centers Inc. (Life is a Highway June 5).