News

Co-op shared branch network captures No. 2 spot among retail FIs

August 3, 2017

The Co-op Shared Branch network has overtaken Chase in terms of number of branch offices to become the nation's second largest network of financial institution branches.

Co-op Shared Branch now totals 5,671 physical locations, according to a press release. At 5,567 branches as determined by the FDIC on July 18, Chase moves down to the No. 3 spot.

The credit union network has added more than 400 branches since taking the No. 3 spot from Bank of America two years ago. The network is now fewer than 500 locations away from topping No. 1 Wells Fargo, which has 6,150 branches.

The shared branch network allows CU members to conduct business at any participating credit union just as if they were at their home branch. For participating CUs, this enables not only greater member convenience, but also additional revenue streams, operational efficiencies and a means of retaining members who move.

"Shared branching is to credit union members what Uber is to passengers looking for a nearby ride," Co-op President and CEO Todd Clark said in the release. "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. [Coupled with] digital services, credit unions offer a financial ecosystem that is convenient, accessible and a positive force in communities."

Co-op Shared Branch is one of three Co-op networks that expand account access to members. Co-op ATM offers nearly 30,000 surcharge-free machines nationwide to members, while industry partner for Zelle offers a financial institution-led digital payments network that lets members send money to anyone with a U.S. bank or credit union account.