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Credit Union Closing Branch Analysis

COVID-19 Crisis: Reopen Branches - Or Consider Long Term Closure

Written by: Kevin Stang | Posted on: | Category:

I was recently approached by more than one credit union asking for help in determining whether to reopen some temporarily closed branches - or keep them closed indefinitely. At first I was surprised, but the more I thought about it, the timing could not be better for a reshuffle. So, I decided to make a quick video about the Pros, Cons, and ways to determine the financial impact. Before clicking that link to watch the 12 minute video, let me give you a quick rundown on what my clients are saying:

  1. No time is a good time for members and staff when you close a branch. But, you might say now is a better time since disruption has already occurred and closing the branch is as easy as extending the length of the temporary closure.
  2. If you did extend the closure until the end of the year or even longer, it is a great way to save funds for relocation, improve the virtual branch, or help patch the hole this pandemic has left in the budget.
  3. An extended temporary closure can also be considered a "practice" permanent closure. You will gain valuable insights into the effects on relationships, balances, and other potential repercussions from a permanent closure.
    There is more to the list, but we also need to know if it makes the best financial sense. Whether you are adding, relocating, or closing branches, click here to schedule a free Market Advisory Session and we’ll discuss the most accurate way to go about this.

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