Stride Credit Union made a difficult announcement Tuesday, May 2, that it will be closing three of its branches. The closures become effective on September 5 and include Oakville, Plumas, and Glenella.
CEO Brent Budz says, though it was difficult, it was a necessary decision.
"The member traffic has declined significantly at these locations," explains Budz. "At the same time, we're having to invest more and more into technology to meet member demands. This relocation of resources underscores responsibilities that Stride has to all members to manage their assets in the most cost-effective way."
He elaborates on the trend being observed that led to the plan.
"There definitely has been an increase in online digital commerce with the Credit Union and, in fact, the traffic and volume of business in these three locations have reduced over the last number of years."
Budz says the in-branch experience is still available to members in their neighbouring communities, and the Credit Union will always very much welcome that.
"The fact of the matter is that the way that people have decided to bank has evolved," adds Budz. "The Credit Union did embark on an extensive due diligence process that spanned over 18 months to really review our communities prior to this decision being made."
Five employees will be affected at these branches and he notes none will be laid off as a result of the closures. Other positions within Stride Credit Union will be offered.
The buildings are owned by Stride Credit Union in Plumas and Glenella, and will be inviting their respective communities to provide suggestions on their future use. At this moment, eight branches are operated in eight communities, with over $950 million of assets under management.