ONTARIO, Calif. and DELUTH, Ga. — The already small credit union shared branching world just got smaller. CO-OP Financial Services and Credit Union Services Corporation have signed a letter of intent to merge two of the three nationwide credit union shared branching networks. CO-OP Financial Services' current shared branching arm is the former Service Centers Corporation, the first shared branching network, which became a subsidiary of CO-OP in 2002. CUSC is the nationwide shared branching network with a network of connections to leagues and shared branching CUSOs in 22 states.

CEOs for each organization explained that even though CUSC will retain organizational independence, including its own board, and will run CO-OP's full shared branching arm, CO-OP is proposing to purchase 51% and thus ultimate control of CUSC. Stan Hollen, CEO of CO-OP Financial Services said the deal could be understood to be an acquisition.

CO-OP network brings a shared branching network of roughly 300 credit unions and 500 shared branching outlets to the deal. CUSC brings 760 CUs and roughly 1,400 outlets.