RANCHO CUCAMONGA, Calif. (7/31/12)--CO-OP Shared Branching reported growth during the first six months of 2012 following the merger of CO-OP Financial Services and FSCC Inc., which was effective at the first of the year.
CO-OP Shared Branching added 55 credit unions to its client roster in the first half of 2012, which is 31% more than the 42 credit unions that CO-OP and FSCC combined added during the first half of 2011.
CO-OP Shared Branching added 301 new physical branch locations to its network through June 30, compared with 221 new locations added by the two companies individually by mid-year 2011, a 36% increase.
A total of 1,758 credit unions participated in CO-OP Shared Branching as of June 30. The number of branch locations totaled 4,648, making CO-OP Shared Branching the fourth largest-branch network nationwide, behind three national banks.
"The expansion of the CO-OP Shared Branching network was one of our key objectives in unifying credit union shared-branching services last year, so that credit unions could better serve their members," said Stan Hollen, CO-OP Financial Services president/CEO. "Credit unions are clearly seeing the benefits to them of the efficiencies we have gained in branding, technology and administrative costs as a result of the merger."
In addition to branches, CO-OP Shared Branching has 2,200 Vcom Kiosk locations at 7-Eleven stores.