CO-OP Financial Services announced that its CO-OP Shared Branch network has now passed Chase Bank in terms of the number of branch offices, giving the credit union cooperative the second-largest such network of financial institution branches in the country.
In total, CO-OP Shared Branch now boasts 5,671 physical locations (having added more than 400 branches over the past two years), while No. 3 Chase has 5,567 branches as of July 18, according to figures from the Federal Deposit Insurance Corporation.
Wells Fargo sits alone at the top with 6,150 branches.
“Shared branching is to credit union members what Uber is to passengers looking for a nearby ride,” Todd Clark, president and CEO of CO-OP Financial Services, said in a statement. “It’s the best example there is of why credit unions are different than banks -- they share.”
Clark also noted about 1,800 of the 6,100 U.S. credit unions share their branches, while more than 3,000 credit unions are part of the CO-OP ATM network.
“When you couple in digital services, credit unions offer a financial ecosystem that is convenient, accessible and a positive force in communities,” Clark added.