ONTARIO, Calif. — Shareholders in shared branching network Financial Service Centers Cooperative, Inc. (FSCC) have voted to approve a merger with CO-OP Financial Services. The transaction is expected to close in early 2012, unifying the two largest CU shared branch networks in the country.
The two networks represent more than 1,700 credit unions nationally, including 4,400 physical branch locations in addition to 2,200 Vcom kiosk locations at 7-Eleven stores.
"We are very happy our shareholders so clearly see the benefits of combining with CO-OP Financial Services, which not only advances shareholder value but the vision of FSCC to have every branch of every credit union an outlet," said Sarah Canepa Bang, FSCC President/CEO, in a statement.
"This is a milestone day in our work to blend the strengths of both companies, creating a more tightly integrated shared branching network," said Stan Hollen, CO-OP President/CEO, in a statement. "The combination of services will result in efficiencies and economy of scale in branding, technology and administrative costs that will benefit all shared branching participants." Plans for the merger were first announced in September.
