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CO-OP Shared Branching adds 264 new centers
ATLANTA (7/1/09)--CO-OP Shared Branching added 264 new locations during the first half of this year to its network of more than 3,720 shared branches and 2,000 self-service kiosks. Shared Branching offers a low-cost alternative for credit unions that want to provide a branching distribution channel that can compete with the nation’s largest banks, according to CO-OP Shared Branching.
Click to view larger image CO-OP Shared Branching added 264 new service centers nationwide in the first half of 2009. (Photo provided by CO-OP Shared Branching)
“We are not seeing growth of shared branching clustered in any particular region of the country,” said Carroll Beach, president and chief operating officer. “Instead, the new locations are scattered all over the U.S.” Capital Educators FCU, Meridian, Idaho, is scheduled to go live with Shared Branching this fall. The credit union has not been forced to close any branches or freeze expansion plans due to the economy but said it sees shared branching as an important complement to its other branches. “We’ve done extensive analysis to determine where we should build brick and mortar, and in the process have uncovered certain geographic areas that need a branch presence but don’t have enough membership to justify the cost of construction, said Mike Hill, Capital Educators CU executive vice president. “In those places, we are using shared branching as a supplement to retain accounts.” The credit union loses accounts mostly due to members moving and expects shared branching to offset the issue, Hill added.


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