REGINA, Saskatchewan–Conexus Credit Union has announced plans to close nine branches across the province, primarily in small communities.
The credit union said in a statement it will continue to serve the affected members digitally, but many members have expressed dismay over the move.
The owner of one restaurant in Chamberlain, Sask., told the Leader Post the decision is just another “nail in the coffin” of her small village.
In addition to Chamberlain, Conexus said by Oct. 2 of this year it will also close branches in Mossbank, Cupar, Drake, Middle Lake, Spy Hill, and Young, as well as two in its hometown market of Regina.
“Banking is no longer a place to go, but a thing we do,” read the headline on a Conexus press release announcing the closures. In its statement, the credit union said more members are using digital services and relying less on cash and branches.
‘Banking is Changing’
“Banking is changing and it has been for some time,” Conexus Credit Union CEO Eric Dillon told the Leader Post. Dillon estimated 95% of the transactions members do with Conexus are not done in a branch, and there are currently 20,000 members who live in communities not served by a branch.
“We’ve been through this previously at Conexus a few years ago and we found … new ways to serve members,” he told the publication. “We’re confident that we’ll be able to do that again with our members over the next few months.”
Only Dial-Up in Some Communities
One person told the Leader Post their community offers dial-up Internet access only, which will make doing business via digital channels more difficult.
The closures affect 38 employees across the nine branches. Dillon told the Leader Post Conexus will sit down with each employee to find them “a new home” at Conexus, and he doesn’t anticipate any layoffs.
In its statement, Conexus said over the next four months the credit union will work with members one-on-one to “understand their individual needs” and find solutions to meet those needs.
About 11,000 members have visited one of the nine branches at least three times in the last 12 months. Of those, 2,250 members deal with those branches exclusively, according to Conexus.