CUs Open Branches From California to Vermont, Revitalizing Many Communities

Credit unions continue to add branches, including six this spring in California, Vermont, Ohio, Iowa, South Carolina and Louisiana.

NorthCountry Federal Credit Union of Burlington, Vt. ($903.5 million in assets, 66,452 members) plans to open a branch in Richford, Vt., in May or June, President/CEO Bob Morgan said.

“It’s a community that hasn’t had any access to a financial institution since TD Bank closed in 2019,” Morgan said.

North Country has 12 locations in Vermont. Morgan said the Richford branch will be its first in Franklin County, and was possible because of its relatively low costs. For one thing, it will have only three employees. For another, the town owns the building and will help support the rent, he said.

Kinecta Federal Credit Union ($6.7 billion in assets, 270,086 members) on April 10 opened its first branch in Los Angeles’ Watts neighborhood. Watts was a predominantly Black neighborhood by the 1940s, and became a majority Hispanic neighborhood by 2000.

Kinecta has 33 branches and other locations, all in California. Its headquarters in Manhattan Beach and 17 other Kinecta branches are in Los Angeles County.

NCUA data showed credit unions had 348 branches and other locations in Los Angeles County as of Dec. 31, but none in Watts’ 90002 ZIP Code.

Kinecta President/CEO Keith Sultemeier said the Watts historic district is undergoing a revitalization with the support of many community organizations.

“It is a privilege to open a branch in this important neighborhood and provide financial services to this vibrant and historic community,” Sultemeier said. “We are excited to bring our dedication to service and building stronger communities to those who call Watts home.”

At least three other credit unions are opening branches this spring:

• Community 1st Credit Union of Ottumwa, Iowa ($939.1 million in assets, 66,995 members) opened a branch in Shenandoah, Iowa, March 29. It ended last year with 22 locations, up by one from a year earlier.
• Ascension Credit Union ($94.7 million in assets, 8,925 members) on April 5 opened a branch in Prairieville, La., eight miles north of its headquarters in Gonzales, which is 57 miles west of New Orleans. Nine credit unions had 11 branches at the end of 2022 in the Ascension Parish, which includes Gonzales and Prairieville.
• Truliant Federal Credit Union of Winston-Salem, N.C. ($4.1 billion in assets, 301,908 members) on April 12 opened its previously announced branch in Easley, S.C., in Pickens County. It has two other branches in neighboring Greenville County, in addition to branches in North Carolina and Virginia.
• Cardinal Credit Union of Mentor, Ohio ($288.9 million in assets, 23,402 members) announced Tuesday it plans to open another branch in the city April 27, bringing its total footprint to seven retail branches and seven student-run branches at area educational facilities spanning nine counties in northeast Ohio.

“While some of the nation’s largest banks are shutting branch locations, Cardinal Credit Union continues to invest in the community while offering a modern approach to branch services including financial literacy initiatives,” its news release said.

Ten credit unions have 20 branches in Lake County, Ohio, which includes Mentor.

NCUA data showed the nation’s 4,856 credit unions had 21,748 branches, headquarters, operations centers or other locations as of Dec. 31. While the number was up by 96 from a year earlier, it was down by 267 branches from the end of 2019, representing a 1.2% drop over the three years.