CO-OP and CUSC to Combine Shared Branching Operations

ONTARIO, Calif. – CO-OP Financial Services announced this afternoon it has agreed to combine its shared branching operations with Atlanta-based CU Service Corp. The combination will form the nation’s largest shared branching network in the country, with 1,457 branches in 40 states. CO-OP, which runs the largest electronic funds network for credit unions, is the parent of Service Centers Corp., the pioneer in shared branching, which it acquired three years ago. The new network will include 1,052 credit unions, representing 80% of all credit unions participating in shared branching. The deal calls for CO-OP to own 51% of the combined entity, which will be called CUSC, and for CUSC to continue managing and marketing the network.