CREDIT UNION SHARED BRANCHING GROWS TO BECOME TOP BRANCH NETWORK IN INDIANA

3 November 2009 12:00 p.m. Eastern
Nicole Thompson

PEFCU, with credit unions statewide, provides 201 Hoosier branch locations.

Indiana's credit unions know that it's nice to share-many of them have been sharing branch locations with each other for years. Now that collaborative spirit has grown into something big.

Through the credit union shared branch network, members of Purdue Employees Federal Credit Union (PEFCU) can access their accounts at 201 shared Indiana locations and thousands of locations nationwide. That is more branches than any other financial institution that does business in the state, including large regional institutions JP Morgan Chase, PNC/National City and Fifth Third.

"The shared branch network allows us to expand the physical locations available to our members without incurring the costs associated with building our own brick-and-mortar branches," said Bob Falk, PEFCU president and chief executive officer. "It really creates an on-demand network for our members; when they need a branch in a town where we're not located, the shared branch network steps in to provide a convenient alternative. We find shared branching is terrific for our business travelers, college students and vacationers."

What is shared branching? Let's look at a real example. PEFCU is a partner in the Credit Union Center (CUC) shared branching network. PEFCU members can access their accounts at any shared branch location, such as a Forum Credit Union branch in Indianapolis, a Teachers Credit Union branch in South Bend, or even thousands of locations throughout the nation. The member simply brings his or her credit union account number and a photo ID, and he or she is able to make deposits, withdraw cash, and make some loan payments just as if he or she was at a PEFCU branch.

CUC is part of Credit Union Service Centers, the national shared branching network that offers access to more than 3,800 shared branch locations nationwide. Members can easily find a shared branch by using the PEFCU Locator Search at www.purdueefcu.com/locations, or by calling the national center at 800.919.2872.

"By sharing branches through the Credit Union Centers network, even the smallest credit union can compete with the largest banks in the region when it comes to convenience and access," said Dan Davis, CUC executive vice president and chief financial officer.