SASKATOON, Sask.–Growing urbanization combined with rising usage of mobile banking led Affinity Credit Union here to close 12 branches during 2015.
Some of those branches were also located in small, rural communities that saw little branch traffic, according to ACU CEO Mark Lane.
Lane told the Saskatoon Star Phoenix that the credit union, which now operates 66 branches in 57 Saskatchewan communities, has seen “exponential growth” in electronic transactions — roughly 66% last year vs. 50% in 2012 — has reflected changes in the way people use financial institutions.
“Certainly, this was not a cost-cutting move, per se, as much as it was recognizing the changing habits of members,” Lane told the Star Phoenix.
Despite cutting the number of branches, Affinity Credit Union’s membership grew during 2015 to 135,000 from 134,000 in 2014. Affinity Credit Union also posted strong financial results in 2015, with assets up 11% to $5.9 billion (Cdn), and profits at $32.7 million.