SAULT STE. MARIE, Ontario–Northern Credit Union here said it plans to consolidate seven branches into larger locations as digital and other online solutions prove popular with customers.
Effective May 3, the credit union said its Coniston, Elmwood, Iron Bridge, Petawawa, Second Line branches, which were temporarily closed during the pandemic, will be formally integrated into larger nearby branches, the credit union said in a release. Its Little Current and Richards Landing branches will also be consolidated into larger nearby branches as of June 1.
“Over the past decade, credit unions and other financial institutions focused on opening more branches,” said President Richard Adam. "Today, most are decreasing their physical footprints because of the emergence of additional banking solutions, most notably online and digital tools.
‘Changing Needs of Members’
"We must ensure the ability to meet the changing needs of our members and deliver on the community-based projects we remain committed to supporting in the areas that we serve in our northern communities,” Adam continued. “We have always been proud of our northern roots, which remain firmly planted.”
Northern CU noted its members are increasingly using digital and remote banking services, two to three times more often than they use in-branch services.
Northern Credit Union employs 260 people across its current 31 branches and corporate office locations, and has more than 70,000 members.