CU Service Network, Inc. (CUSN) said it has reached an agreement to service credit unions in New Mexico. The New Mexico venture, using a separate CUSO vehicle and coordinated by the New Mexico league, represents the first major expansion of shared branching in that state, reported CUSN, which began in 1992 and has 42 credit unions in its network. CUSN also recently expanded its ventures into Wyoming.
The Arvada, Colo.-based CU Service Network's has the ability to offer nationwide shared branching services to credit union members from its affiliation with the Credit Union Service Corp. (CUSC) based in Duluth, Ga..
"We have signed a five-year contract with Colorado, and anticipate that our nine credit unions based in Santa Fe and Albuquerque will be operating shared branching facilities in the next six months, and as many as 12-15 such facilities operating within a year and a half," said John Radebaugh, president of the New Mexico Credit Union League Services Corp.
Jim Holt, president of CUSN and the Colorado league, said CUSN has been meeting with New Mexico's credit unions for the past two years discussing the proposal. The New Mexico League and the participating New Mexico credit unions will be shareholders in NMSB.