Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Beach addresses branching after the bailout
LAS VEGAS (5/7/09)--Bank closures are presenting credit unions with great opportunities in serving former bank customers, according to Carroll Beach, president/chief operating officer of CO-OP Shared Branching. In "Branching after the Bailout," a session at the National Association of Credit Union Service Organizations (NACUSO) Annual Conference in Las Vegas this week, Beach shared information and insights to help credit unions better serve their members and take advantage of opportunities in the current market. With today's financial climate, events in the movement and banking industry will impact the future for credit unions, particularly their branching strategies, he said, adding that shared branching can help in tumultuous times. "With all the bank closures and mergers going on right now, credit unions are presented with some great opportunities," he said. "The customers of these banks must go somewhere. Why not your credit union? You can send a powerful message to potential members about the strength of credit unions" and gain new members, he said. However, "some credit unions are responding to the economic crisis by shutting down branches to cut expenses. Experts warn that the key is to make sure operational cuts aren't leading to losses in member service. Closing branches can send a negative message to members. For credit unions, where member retention and service take priority, account accessibility must remain in place," Beach said. "Just because your credit union may have to close a branch, it does not mean you can't be in the neighborhood anymore. When proprietary branches are being shuttered, credit unions can direct members to a nearby shared branch, where they can continue to conduct transactions just as if they were in their home credit union." Nearly 1,300 credit unions offer shared branching in 3,600 locations through CO-OP Shared Branching.


RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
1 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
3 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
4 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
4 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
4 hours ago