Friday, October 19, 2012
Major Shared Branching Expansion in Northeast Celebrated on Credit Union Day
Event at America’s Credit Union Museum Focuses on Cooperative Aspect of Shared Branching
Credit Union Day is all about celebrating the credit union difference. This year, Credit Union Day fell on October 18, and a group of credit union officials met at America’s Credit Union Museum to celebrate one of the most striking manifestations of the credit union difference, shared branching.
On this credit union day, seven credit unions headquartered in the states of Massachusetts, New Hampshire, and Rhode Island joined the CO-OP Shared Branching program increasing the number of credit unions participating in those states to thirty-one. These credit unions serve over one million members through 132 branches in the three states.
The seven credit unions that joined the program are: CPCU Credit Union and Tewksbury Federal Credit Union in Massachusetts; Holy Rosary Credit Union and Triangle Credit Union in New Hampshire; and Cranston Municipal Employees Credit Union, Greenwood Credit Union, and Rhode Island Credit Union in Rhode Island.
“Shared branching is the answer to the challenges that credit unions face today and in the future,” said Daniel Egan, President, NECUS, LLC. “It is in fact the quintessential credit union effort, and if every branch of every credit union was in the shared branching network, we would truly leapfrog the banks in terms of convenience.”
“Now, a credit union that is part of the shared branching network can tell its members that they have access at more than 7,100 locations throughout the United States to take care of their financial business. That is a larger number of locations than any financial institutions in America and, best of all, they are through credit unions,” said Bonnie Doolin, COO of New England Credit Union Services, LLC (NECUS), a partner of CO-OP Financial Services.
“Shared branching is the best way to demonstrate the credit union spirit of cooperation,” said Sarah Canepa Bang, Chief Strategy Officer, CO-OP Shared Branching. “We are very grateful for our partnership with NECUS, and we are very pleased to welcome our new member credit unions to CO-OP Shared Branching.”
Credit unions that joined the shared branching network all indicate that the program offers them the chance to make credit union services convenient to members who live, work, or are visiting places where it doesn’t make sense for the credit union to build a location of its own. “We have a number of members who go to Florida for the winter,” said Triangle Credit Union CEO Maurice Simard. “Shared branching makes it possible for us to be the members’ full service, personal financial institution even when they are 1,500 miles away from home. That is a huge competitive advantage.”