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CU System
CUSN shared branches surpass bank branches in Denver
LAKEWOOD, Colo. (5/5/08)--Credit Union Service Network (CUSN) announced that participating CUSN shared branching credit unions in the Denver area have surpassed several Denver area banks in number of locations. CUSN has 31 Denver area credit unions participating in shared branching, for a total of 125 locations throughout the Denver metro area. Research conducted by the Federal Deposit Insurance Corp. and DBJ Research--commissioned by the Denver Business Journal--compared the top 50 Denver area banks, by branch locations and deposits in and outside their market share. The top three banks were FirstBank, U.S. Bank, and Wells Fargo, according to the study. The three banks have 88, 86, and 79 locations, respectively. Denver area credit unions participating in shared branching have more locations than the top three banks, the study indicated. The popularity of shared branching continues to rise with the nationwide adoption of the service distribution channel, and the cooperation between credit unions is really paying off, CUSN said. Because it provides more members with convenient account access points and further levels the playing field between banks and credit unions, shared branching now ranks third in the nation in terms of branches. It is expected to soon surpass its closest competitor, Wells Fargo, CUSN said. "The numbers don't lie,” said Doug Burke, CUSN president/CEO. “Credit unions are clearly turning to CUSN as their partner for shared branching.” Shared branching offers more than 3,200 locations nationwide, serving roughly 37 million members throughout all networks.


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