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Shared networks announce merger agreement
RANCHO CUCAMONGA, Calif. (9/21/11)--CO-OP Financial Services and Financial Service Centers Cooperative Inc. (FSCC) have announced their intent to merge, unifying the two primary credit union shared branching networks. Through the two companies, more than 1,700 credit unions nationwide participate in shared branching, making more than 4,300 physical branch locations available to their members, plus 2,200 Vcom kiosk locations at 7-Eleven stores. The shared-branching arrangements allow credit union members to conduct financial transactions as if they were visiting a branch of their own credit union. According to a release, under the terms of the agreement, FSCC president/CEO Sarah Canepa Bang will join CO-OP as president and chief operating officer of FSCC, and as chief strategy officer of CO-OP shared branching. Stan Hollen is president/CEO of CO-OP Financial Services. CO-OP and FSCC expect the transaction to close within 120 days. "There's no denying that FSCC and CO-OP have been terrific competitors--imagine what we can do together," Bang said. "CO-OP and Stan Hollen personally played a historic role in the creation of FSCC, and now with the combining of the two companies, it is very much a case of our business coming to a logical full circle." FSCC was created in 1990 and originally operated under a management agreement with CO-OP Financial Services--then known as CO-OP Network. In 1999, as chairman of the board of FSCC, Hollen hired Bang as president/CEO.


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