Blog
The State of Shared Branching
July 30, 2024
This year has been a transformative one for Shared Branching. In January, Co-op Solutions and PSCU merged to offer their clients the best of both organizations. While there were many similar services between the two, Co-op Shared Branching stood out as unique.
Change often brings uncertainty, and the PSCU/Co-op Solutions merger was no exception. Shared Branch clients and the State Network Partners who support more than half of all participants, were keen to know: “What will happen to Shared Branching?”
Here’s what we’ve learned.
At Co-op’s final THINK conference, held in Nashville this May, the new name for the organization was announced: Velera – symbolizing velocity for a new era. Despite the name change, Shared Branching will retain the Co-op name and logo. The logo remains a recognized symbol that members have found a Shared Branching location where they will be welcomed just as they are at their own credit unions.
The conference demonstrated strong support for Shared Branching, featuring breakout sessions and a special session for State Network Partners. Velera’s CEO, Chuck Fagan, voiced his support for Shared Branching during these sessions and provided an open forum for questions from State Network Partners.
Also in May, credit unions nationwide celebrated Shared Branching Awareness Week, seizing the opportunity to educate about the benefits of this unique service. Several states, including Colorado, received gubernatorial recognition, proclaiming May 20th to May 24th as “Credit Union Shared Branching Week.”
Shared Branching holds a unique place in the credit union landscape, offering convenience to members of both large and small credit unions. Members appreciate convenience, and credit unions value the satisfaction of their members.
Shared Branching has been around since the 1990’s and continues to enhance the cooperative spirit of credit unions and strengthen the credit union movement.
