Credit unions have worked hard over the past several years to educate the public about their benefits and dispel antiquated stereotypes surrounding financial not-for-profits. But numbers can sometimes be more convincing than words – and the numbers in the infographic below show that the CO-OP Shared Branch network is gaining ground on the big-bank competition. Based on the most recent data, CO-OP Shared Branch is now the third largest branch network among financial institutions.
According to FDIC data compiled on May 19, 2015, CO-OP Shared Branch, which includes 5,341 branches across the U.S., now exceeds Bank of America’s 5,244-branch network.
Further, based on its current momentum, CO-OP Shared Branching may well be on track to overtake megabanks Chase and Wells Fargo.
Credit Union Members Enjoy Widespread Branch Access
CO-OP Shared Branching – a business unit of CO-OP Financial services – includes more than just traditional branch locations in its cooperative network. Along with more than 5,300 “live teller” branches, CO-OP Shared Branching also offers close to 1,800 self-service kiosks, many of which are located within select 7-Eleven stores nationwide.
CO-OP Shared Branching extends branch services to members between institutions. Members of participating credit unions can visit the branch of any other participating credit union and perform account-related transactions just as they would in their own home branch.
More Branches, More Revenue
Stan Hollen, President and CEO of CO-OP Financial Services, noted there are about 1,800 credit unions participating in shared branching. The network provides convenient branch access to more than 52 million members throughout the United States, with branches in all 50 states, unlike big bank counterparts.
“In addition to member convenience, shared branching offers a means of generating revenue and operational efficiencies for participating institutions,” Hollen stated in a press release. “If all of the nearly 7,000 credit unions in the U.S. were part of shared branching, our locations would number about 21,000.”
CO-OP Shared Branch, of course, is the perfect complement to member convenience to CO-OP ATM, with 30,000 ATMs nationwide, a network far more extensive than any national bank fleet.
As more and more credit unions sign up with CO-OP Shared Branch, the outdated perception that credit unions aren’t as accessible as national banks is clearly being put to rest. In the end, the numbers don’t lie: Credit unions offer a branch network that is competitive with what big banks offer.
Visit our locator to see just how conveniently located our shared branches really are.