Leveraging the cost-effective convenience of shared branching for member retention and member growth,CEFCU ($4.4 billion; 279,000 members; Peoria, IL) has joined shared branching vendor Credit Union Centers shared branch network.
Since going live May 1, 2011,CEFCUhas access to Credit Union Centers more than 4,200 branches nationwide including more than 275 in Indiana and Illinois combined.
According to CEFCUs Vice President of Market Development, Giann Walker, joining the CO-OP Shared Branching Network was a real fit for CEFCU for two reasons. First, when CEFCU acquired Valley Credit Union (VCU) at the end of 2008, VCU members already had access to shared branching. So, it was extremely important that the credit union continued to offer this delivery channel that had been enjoyed and utilized by VCU members. At the same time, joining the CO-OP Shared Branching Network allows CEFCU to provide a valuable delivery channel to members throughout the nation.
Now, members traveling on vacation, wintering in a warmer climate, going off to college, or living outside of CEFCUs core membership areas have a member center nearby for personal service, Walker says. Ultimately, the services provided by the CO-OP Shared Branching Network in conjunction with the CO-OP Network of surcharge-free ATMs provide CEFCU with additional delivery channels to aid in member retention and growth.
The ability to work with an accessible, local provider of the CO-OP Shared Branching Network was very appealing to CEFCU, states Walker. The support and service along with the knowledgeable staff of Credit Union Centers made our decision to add this convenient delivery channel for members an easy one.
We are extremely pleased to have CEFCU join the Credit Union Centers shared branch network family, says Dan Davis EVP/CFO ofCU Centers. Based on our experience and a great deal of data, shared branching has proved to play a pivotal role in gaining and retaining members for participating credit unions. With CEFCUs size and reputation coupled with its new shared branching service, these goals should be attained easily along with ultimately enhancing its membership value.