CO-OP Shared Branch now has more branches than Bank of America, making it the country's third-largest branch network, CO-OP Financial Services announced today.
Wells Fargo has 6,392 branches and Chase has 5,892 branches, making them top two largest branch networks, according to the FDIC's "Find Banks" database. But with 5,341 branches, CO-OP Shared Branch now has Bank of America beat by 97 as of May 19, 2015, CO-OP said.
"There are about 1,800 credit unions participating in shared branching, offering convenient branch access to more than 52 million members wherever they may travel in the United States," CO-OP Financial Services President and CEO Stan Hollen (pictured) said in a press release.
CO-OP Shared Branch is a business unit of CO-OP Financial Services, which is headquartered in Rancho Cucamonga, Calif. and is the country's largest CUSO. It is a national network in which credit unions can extend branch services to members between institutions. Members of participating credit unions can enter a branch of any other participating credit union and conduct account-related business as if they were in their own home branch.
"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," Hollen said.
In addition to the more than 5,300 "live teller" branches, CO-OP Shared Branch also includes nearly 1,800 self-service kiosks within select 7-Eleven stores nationwide.
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