The CO-OP Shared Branch network now has more branches than Chase, making it the second-largest in the country, according to a press release issued today.
The CUSO, headquartered in Rancho Cucamonga, California, reported that it had 5,671 physical locations in its shared branch network, surpassing the 5,567 branch locations run by Chase as of July 18.
“Shared branching is to credit union members what Uber is to passengers looking for a nearby ride,” CO-OP Financial Services President/CEO Todd Clark said. “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 has steadily been climbing the list in terms of branch count. Two years ago, it leapfrogged over Bank of America. Today, the CUSO said it’s fewer than 500 branches away from taking the number one spot, which Wells Fargo currently holds with its approximately 6,150 branches.
The CUSO said it has added more than 400 branches to its network during the last two years.
CO-OP Shared Branch is a business unit of CO-OP Financial Services, which 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 credit union’s branch.
The CUSO said on its website that 45 million members from 1,865 participating credit unions currently have access to the shared branching network. It launched a new mobile app last month that lets users find shared branches and ATMs.
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