Public Service Credit Union, a $275 million institution based in Romulus, Mich., and CO-OP Financial Services jointly announced that they have reached an agreement under which PSCU will purchase seven stand-alone CO-OP branches in the metropolitan Detroit area.
These branches will continue to operate as part of the CO-OP Shared Branch network under the “Credit Union Family Service Center” name.
“After much careful strategic study and consideration, CO-OP is divesting of these standalone branches,” said Jim Hanisch, president, CO-OP Network, for CO-OP Financial Services. “We are very happy to be working with PSCU to transition the branches and the staff. PSCU will be a great employer for our transitioning staff and continue to provide great service to shared branch members. Finding the most efficient way to operate shared branching is part of our commitment to growing the CO-OP Shared Branch network.”
The newly acquired branches are located in northeast Detroit, northwest Detroit, Garden City, Redford, Southfield, Taylor and Ann Arbor.
Dean Trudeau, president and CEO of PSCU, said each location will continue to operate “without significant changes.”
“PSCU will respect and maintain the integrity of the shared-branching agreements as we have always done with our shared branching locations,” Trudeau added.
The parties maintained that PSCU has been a “long-time supporter of shared branching” and its members are the second highest volume users of the Michigan standalone branches.
“For credit unions of all sizes this network is vital to maintaining our ability as an industry to compete with big-bank branch networks,” stated Rob Mercier, senior vice president of PSCU. “PSCU prides itself in continuing this competitive advantage to the local membership of 600 plus credit unions from across the country.”
CO-OP Shared Branch comprises 5,700 branches throughout the U.S. with about 1,800 credit unions participating.