RANCHO CUCAMONGA, Calif. – The CO-OP Shared Branch network is now the second-largest network of financial institution branches in the country, having just surpassed Chase in number of branch offices, the company reported.
CO-OP Shared Branch now totals 5,671 physical locations. No. 3 Chase has 5,567 branches as of July 18, according to FDIC figures. CO-OP said its credit union network added more than 400 branches during the past two years, when CO-OP Shared Branch surpassed Bank of America. The network is less than 500 locations away from No. 1 Wells Fargo, which has 6,150 branches, the company added.
“Shared branching is to credit union members what Uber is to passengers looking for a nearby ride,” said Todd Clark, president/CEO, CO-OP Financial Services. “It’s the best example there is of why credit unions are different than banks – they share! Around 1,800 of the 6,100 U.S. credit unions share their branches. In addition, more than 3,000 are part of our CO-OP ATM network. When you couple-in digital services, credit unions offer a financial ecosystem that is convenient, accessible and a positive force in communities.”
CO-OP said that in addition to member convenience when traveling, shared branching offers credit unions revenue streams and operational efficiencies, and a key means of retaining members who move. “The resulting profitability translates to ongoing investments in member benefits by virtue of the not-for-profit structure of credit unions,” CO-OP said.
The company added that CO-OP Shared Branch is one of three networks that CO-OP offers credit unions to “comprehensively provide account access to members. CO-OP ATM offers nearly 30,000 surcharge-free machines nationwide to members, a network larger than any bank. In addition, CO-OP is a credit union industry partner for Zelle, a financial institution-led digital payments network allowing members to send money to anyone with a U.S. bank or credit union account.”