LA CROSSE, Wis.–Marine Credit Union said it has made investments in expanded digital services and as a result plans to close 18 of its branches effective July 8.
Its remaining 19 branches will remain open but operate with “streamlined” hours, the credit union said. The $894-million Marine FCU said it has also eliminated 13 management positions, but added it is retaining 97% of its staff.
“Marine Credit Union’s five-year strategic plan included significant investments in digital services for our members, as a result of increased preferences toward mobile and online banking shown by the industry at large and our membership specifically,” said Shawn Hanson, CEO. “This trend accelerated during COVID. Habits have formed; consumers have spoken. Our ability to adapt quickly allows us to better serve members now and into the future.”
Hanson added the decision is being made “from a position of strength and because it is the right thing for our members and the future of the business.”
“Our goal is to develop a more efficient branch structure and organization for the long-term, so we can serve more people in our communities, provide better products and services, and further our mission of advancing lives,” Hanson continued. “We will emerge stronger and more resilient for our team, members and communities.”
According to Marine Credit Union, which has approximately 77,000 members, the cost savings produced by consolidating its physical offices will translate into long-term benefits of greater efficiency and allow Marine to be more “responsible and effective in advancing people’s lives.”
Marine CU said most employees will continue their roles as usual, while others will shift into new roles, although it is eliminating 13 positions.
Strong Loan Volume
The announcement comes at the same time Marine CU is reporting it achieved record loan volume during May, even as loan volume has declined sharply at credit unions across the country due to the coronavirus.
In fact, over the 12 months ending in May, Marine CU said it has seen a 25% growth in assets, while also growing its net worth ratio of 9.09%.
The positive numbers, Marine CU reported, have allowed it to invest in better meeting members’ needs during the pandemic, and since the beginning of the health emergency it reported it has:
- Granted more than 1,000 completely digital consumer loans
- Completed a fully digital CD special, which provided a premium interest rate to members
- Installed and launched its first Smart ATM, which will be able to handle nearly 90% of all member transactions; plans are in place to deliver Smart ATMs to all branches by the end of the year
- Increased mobile deposit capture check limits to increase availability of our mobile services
Coming later this year, Marine CU said it will launch interactive chat via its website, as well as digital account opening for all deposit accounts.