To learn more about MnCUSC and the opportunities available to your credit union through shared branching, read the stories below. With questions, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or at (651) 288-5505.
Discover how to maximize the Shared Branching investment
Shared Branching is a useful tool for economically expanding your credit union's presence across the state, nation and world. Do you know how to get the most out of Shared Branching?
To help you answer this question, CO-OP Financial Services has released a free white paper focused on how credit unions can generate income by creating a culture of convenience. This paper publishes research conducted with Callahan & Associates and shows the clear benefits that being a Shared Branching issuer and acquirer brings to credit unions. Specifically, the paper investigates the additional opportunities for Shared Branching credit unions to enhance financial performance and strengthen member relationships.
Read this valuable research and discover how your credit unions can fully take advantage of and maximize its investment in Shared Branching. To discover how your credit union can join this valuable network, visit the Shared Branching page of the Network website. With questions, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or at (651) 288-5505.
1st Quarter 2013
Minnesota CU fills critical role in state's Shared Branching network
The Minnesota Credit Union Network helped to expand the availability of Shared Branching locations across the state with the addition of Minnesota Valley Federal Credit Union in southern Minnesota. Minnesota Valley FCU's two branches bring the number of Shared Branching locations in Minnesota to 36.
With MnCUN's addition of this latest Shared Branching participant, the nationwide network offers nearly 5,000 service centers across the country that credit union members – no matter which participating credit union they belong to – can access as if it were their own. Through Shared Branching, credit unions here and across the country combine their services and provide members with thousands of convenient locations to perform transactions similar to those they conduct at their primary credit union, including making deposits, withdrawals, loan payments and more.
Consumers have said that banking locations near their home or work is a major factor in determining their choice for a primary financial institution. With thousands of Shared Branching locations nationwide, this network of credit unions competes with the largest banks in the United States.
"The expansion of the Shared Branching network is important to credit unions' growth, and it's a vital piece of a successful member-retention strategy,” said MnCUN Vice President – Network Service Corporation John Ferstl. "Shared Branching helps credit unions attract and keep members by offering them branch options around the state and nationwide. This network of service centers increases the probability of finding a credit union nearby – no matter whether the member is close to home or on the road.”
To discover how your credit union can join this valuable network, visit the Shared Branching page of the Network website. With questions, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or at (651) 288-5505.
4th Quarter 2012
Report shows positive correlation between branch expansion and membership, asset growth
Are branches a thing of the past or are they a tool that credit unions can use to make themselves stand out? A recent report investigates the answers to these questions by examining whether credit unions that have increased the number of branches over the past five years have performed better or worse than those that have not increased their physical size. Through research and analysis, the report illustrates the future of branches and the impact of branches on credit union success.
The research examined credit unions of all sizes and from all over the United States. Through analysis of call reports, the investigation found that there is a strong correlation between increases in retail branch network size and growth along key measures. Regardless of asset size, credit unions that had a net increase in the number of branches between 2007 and 2012, experienced greater increases in total assets, members and loans originated.
While the research shows the benefits of branch expansion, many credit unions lack the resources to build another branch – especially in today's economy. For credit unions facing this dilemma, Shared Branching is an accessible option. Through Shared Branching, credit unions across the country have joined together to create shared service center locations. The Shared Branching network enables credit unions to provide their members with thousands of convenient locations to perform transactions, just as if they were at their home credit union. Currently, the number of branch locations is nearly 5,000, making CO-OP Shared Branching the fourth-largest branch network nationwide, behind three national banks.
Become part of Shared Branching today and expand your credit unions' reach. To access the branch expansion research, visit the Momentum, Inc. website. For more information about Shared Branching, visit the Network website.
3rd Quarter 2012
CO-OP Shared Branching grows in first six months
CO-OP Shared Branching reported growth during the first six months of 2012 following the merger of CO-OP Financial Services and FSCC Inc., which was effective at the first of the year. During the first half of 2012, Shared Branching added 55 credit unions to its client roster, which is 31 percent more than the 42 credit unions that CO-OP and FSCC combined added during the first half of 2011.
Through Shared Branching, credit unions across the country have joined together to create shared service center locations. The Shared Branching network enables credit unions to provide their members with thousands of convenient locations to perform transactions, just as if they were at their home credit union. As of June 30, the number of branch locations totaled 4,648, making CO-OP Shared Branching the fourth-largest branch network nationwide, behind three national banks.
"The expansion of the CO-OP Shared Branching network was one of our key objectives in unifying credit union shared branching services last year, so that credit unions could better serve their members," said Stan Hollen, CO-OP Financial Services President/CEO. "Credit unions are clearly seeing the benefits of the efficiencies we have gained in branding, technology and administrative costs as a result of the merger."
In addition to branches, CO-OP Shared Branching has 2,200 Vcom Kiosk locations at 7-Eleven stores. For more information about CO-OP Financial Services, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or at (651) 288-5505.
1st Quarter 2012
CO-OP, FSCC complete Shared Branching merger
CO-OP Financial Services has completed its merger with Financial Service Centers Cooperative (FSCC) . The merged companies have created one nationwide Shared Branching operation for credit unions. The new network comprises more than 1,700 credit unions, 4,400 branch locations and 2,200 kiosks in 7-Eleven stores.
Sarah Canepa Bang, CEO of 21-year-old FSCC since 1999, will continue as President & Chief Operating Officer of FSCC and Chief Strategy Officer of CO-OP Shared Branching. The leadership team also includes Craig Beach, President/COO of CO-OP subsidiary Credit Union Service Corp. CUSC and FSCC will now be under the CO-OP Shared Branching business line.
CO-OP Financial Services now has more than 3,000 credit union members and also provides network, payment processing, e-commerce and call center services, with more than 30 million cardholders and 28,000 surcharge-free ATMs. For more information about CO-OP Financial Services, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515.