Friday, April 17, 2009

Despite economy, CUs opening new branches

MADISON, Wis. (4/17/09)--The economy hasn't dampened some credit unions' plans for expanding. A number have announced new branches recently, despite the recession.

Most of the branch openings are the result of long-time planning; others are acquired through mergers.

The latest comes from Denver, where Public Service CU (PSCU) has announced it will open two new branches--in Brighton and Greeley. One is the result of an April 1 merger with Brighton Cooperative FCU. The other had been planned for some time.

"We are excited to now have the opportunity to serve these two communities," said David Maus, president/CEO of the more-than-$1 billion asset credit union, in a news release (PRNewswire April 16). "It's important to provide people a safe and secure choice in these troubled economic times."

Tyndall FCU, Panama City, Fla., announced Wednesday it will expand into Dothan, Ala.--its first physical presence outside of Florida. The $940 million asset credit union had received approval earlier this year from the National Credit Union Administration (NCUA) to expand into Houston County, which includes Dothan and surrounding communities. It now has the ability to serve 10 counties in two states.

Tyndall plans to enter the Alabama market with two branches, ATMs and drive-through banking along with its full service website. Its goal is to have the branches operating this summer. The two Dothan branches will join branches in nine Florida cities (WMBB News 13 April 15).

Catholic CU, a $169 million asset credit union based in Yakima, Wash., has signed an agreement to open an in-store branch at a new Wal-Mart in West Valley. The new branch will have extended hours, including hours on Saturday ( April 16).

Texans CU, based in Richardson, Texas, recently held the grand opening of its Carrollton branch, an event that attracted more than 300 people (LoneStar Globe April).

In January, the New Mexico Educators FCU opened its 14th branch office to better serve members in Albuquerque's South Valley, according to the Credit Union Association of New Mexico's newsletter, CUANM Network (March). The full-service office replaced a former branch two miles away. It held its grand opening on March 7 with about 300 members and prospective members.

Polish & Slavic FCU, based in Brooklyn, N.Y., opened its sixth branch in New Jersey to keep up with members' mobility--many are moving out of the Brooklyn area.. The Trenton branch will serve Central New Jersey and the Philadelphia area.

In Franklin, Ohio, MidFirst CU Inc., is opening its first office, a full-service location that will employ five people--in Kettering ( April 16). The Kettering office will help MidFirst continue to expand into the Dayton area, James Miles, president/CEO, told the publication. "It's a competitive market," he said, adding the credit union has already developed a strong foothold in

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