The $556 million Rivermark Community Credit Union in Beaverton, Ore., said this week that it plans to close two of its eight branches this fall, a move it pins on increased use of remote channels.
The Clackamas and Newberg branches will close on Nov. 9. Rivermark executives cited growth in online, mobile and ATM use in its decision.
Earlier this year Rivermark closed the Salem branch the suburban Portland credit union had acquired two years prior in a merger.
While Rivermark President/CEO Scott Burgess said he acknowledged that branch closures can send mixed signals to members, “our decision to close two branches reflects a vision to be a technology-savvy credit union.”
Rivermark said its online usage has increased 34% year-to-year and that mobile banking is up 86%. The 64,400-member credit union claimed the title of first in the state to offer mobile remote check deposit service earlier this year and said nearly 10,000 members deposited more than 31,000 checks worth more than $12 million in five months.
“Many members already make deposits, open new accounts, apply for and electronically sign for loans from their computer or mobile devices. It's no longer necessary for members to come to us when we are always available online to them, when they need us,” Burgess said.
The credit union said it continues to increase its investment in electronic services. “This adjustment in our branch network completes our current branch vision,” Burgess added. “As members increasingly utilize mobile banking or online services, the need for brick and mortar locations continues to diminish. This is a reflection of the world in which we live.”
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
