In June 2015, CO-OP Financial Services announced that the unique credit union industry solution of shared branching had reached more than 5,300 locations nationwide, making CO-OP Shared Branch the third largest network among financial institutions – bigger than Bank of America.

There is no other branch network that has locations in all 50 states and the District of Columbia. Here are some other "fun facts" that tell us shared branching is creating a ubiquitous service channel for credit unions:

• There are more than 1,800 credit unions participating in CO-OP Shared Branch (approaching one third of the nearly 6,400 credit unions in the U.S.).
• More than 55 million credit union members have access to shared branching through their credit unions, which equals more than half of the 102 million U.S. members.
• Arizona, Maine, Colorado, Alaska and Mississippi are the top five with an average of 90% of credit union members in these states having access to shared branching in Q2 2015.
• Maine (88%), Alaska (67%), Arizona (61%), Colorado (59%) and Washington (59%) take the lead in terms of the percentage of credit unions enrolled in shared branching.
• According to Callahan & Associates, the total number of credit unions nationally fell by 3.2% by end of Q2 2015 from Q2 2014. On the other hand, the number of shared branch credit unions increased by 1.9% by end of Q2 2015 in comparison to Q2 2014. Additionally, the number of non-shared branch credit unions in the nation decreased by 5.5% by end of Q2 2015 compared to Q2 2014.
• At 5,300 shared branches today, the number just keeps climbing. In fact, the sky truly is the limit. If every credit union in the country participated in shared branching, there would be more than 21,000 branches available to our members.

For all the advantages enjoyed by banks, shared branching is the one channel no bank will ever have. It is the tangible demonstration of credit unions' willingness to work together on behalf of all members, ensuring convenient services to members wherever they may travel.

There are at least three reasons why the shared branching concept will continue to help power the growth of the credit union movement well into the future:

• The concept is now at the forefront of the industry's need to transform branches.
• Shared branching is helping credit unions address the demands of the modern consumer for true omnichannel access, smoothly combining online, mobile and in-branch touch points.
• And, branches even provide an avenue to attract a new generation of members.

Branch Transformation and Alternative Payments