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Shared Branching Now Available in Puerto Rico
Wednesday, November 6, 2013 6:50 AM

Puerto Rico, Spanish for “Rich Port,” is proving to be a rich port indeed for the unique credit union cooperative service of shared branching. The success of CO-OP Shared Branching in the U.S. commonwealth – with 22 credit unions and 59 branches participating – has led this unit of CO-OP Financial Services to extend its agreement with El Circuito Cooperativo, Inc., the company’s Puerto Rican shared branching business partner.

El Circuito Cooperativo, Inc., originally signed a marketing agreement in October 2009 with Financial Service Centers Cooperative, Inc. (FSCC) prior to its merger with CO-OP Financial Services in December 2011. The new agreement extends the relationship of the two companies to marketing, selling and servicing the CO-OP Shared branching network throughout Puerto Rico.

“El Circuito has been an outstanding partner in our mutual goal of ensuring that credit union members in Puerto Rico have the same convenient access to branch services as the largest financial institution,” said Sarah Canepa Bang, President/COO of FSCC, LLC, and Chief Strategy Officer, CO-OP Shared Branching. “We look forward to not only extending the reach of shared branching in the Commonwealth, but working with El Circuito to help our clients transform their branches so they remain centers of useful services and revenue well into the future.”

“This new agreement allows us to work even more closely with CO-OP Shared Branching and provide a greater range of services to our clients,” said Kerwin A. Morales Rivera, President of El Circuito Cooperativo, Inc. “As the world’s leading shared branch network, CO-OP Shared Branching is the right partner to help us advance the credit union movement in Puerto Rico.”

CO-OP Shared Branching enables members of participating credit unions to enter a branch of any other participating credit union and conduct their business as if they were in their own home branch. The network includes 5,000 “live teller” branches in the U.S., as well as 2,000 self-service locations.