Financial Service Centers to Merge with CO-OP Financial Services (Misc News: September 21, 2011)
The two primary credit union shared branching networks have announced their intent to merge.
CO-OP Financial Services and Financial Service Centers Cooperative Inc. said in a release that more than 1,700 credit unions nationwide participate in shared branching. The combined network will have 4,300 physical branch locations, plus 2,200 Vcom kiosk locations at 7-Eleven stores.
FSCC President/CEO Sarah Canepa Bang will join CO-OP as president and COO of FSCC, and as chief strategy officer for CO-OP shared branching. Stan Hollen is president/CEO of CO-OP Financial Services.
“I am excited for the credit union movement as this combination will advance the vision of FSCC to have every branch of every credit union an outlet,” Bang said.
"There's no denying that FSCC and CO-OP have been terrific competitors – imagine what we can do together," Bang said. "CO-OP and Stan Hollen personally played a historic role in the creation of FSCC, and now with the combining of the two companies, it is very much a case of our business coming to a logical full circle."
FSCC was created in 1990 and originally operated under a management agreement with CO-OP Financial Services – then known as CO-OP Network.
In 1999, as chairman of the board of FSCC, Hollen hired Bang as president/CEO.