Our primary objective is to enhance services available to all of our members. In order to accomplish this, we must continually evaluate our product and service delivery methods to ensure Churchbridge Credit Union is operating efficiently and effectively and is able to generate reasonable profit. This profit is reinvested in product and services offerings that are competitive and flexible enough to meet the diverse needs of all our members.
There are several reasons Churchbridge Credit Union has made the decision to close the MacNutt branch. The analysis that lead to this decision included both financial and non-financial criteria, such as the following indicators: loan and deposit growth, member growth rates, profitability, staffing, branch utilization, infrastructure costs, efficiencies, risk, staff safety and security and technology changes as well as the other considerations such as population and location of schools and other facilities.
Churchbridge Credit Union is committed to stay in communities where it is feasible to do so. Since, 2010 the deposits and loans in the MacNutt branch have only increased by 1.4%, compared to 73% in Churchbridge and 69% in Langenburg. Membership in the branch has decreased by 11% since 2010, and in branch traffic has also dropped consistently in that same time period. We have approximately 3 people per hour coming through our doors to conduct business with us. These low numbers do not make it feasible for us to continue to maintain a branch in MacNutt.
There are many reasons that can explain a decline in business conducted in branch. With today’s technology, many people conduct transactions via telephone, online or mobile banking. Also, people travel to close-by cities or towns for other services such as shopping and sometimes conduct their credit union transactions on these occasions. Currently we are seeing that over 40% of MacNutt member’s transactions are being conducted in a branch other than MacNutt.
According to the 2016 Census MacNutt has a population of 65 people, since 2001 this has decreased by 28.5%. Also according to the 2016 Census the median Age of the population in MacNutt is 45 with 77% of the population being under the age of 65. Our member surveys have shown us that 81% of our members under the age of 65 do the majority of their day to day banking through online channels or through card transactions. Many changes have been made in terms of technology and processes in recent years; for example all government cheques effective April 2016 are required to be direct deposited; other transactions can be easily made by calling or visiting the branch in Langenburg or Churchbridge, where much of the other business and appointments are already being done by the members.
Safety of Credit Union Employees
The safety of our employees is a major concern for Churchbridge Credit Union. A branch that is staffed with only one person is much more susceptible to robbery than branches staffed with more personnel. We want to ensure our employees are safe. We had a robbery in the MacNutt branch in 2007, this continues to be an ongoing concern for us with only one person staffing the branch on a majority basis.
Meeting Service Expectations
Churchbridge Credit Union takes pride in the quality of service we provide to our members. At the current state we are unable to maintain the quality of service our members expect and deserve at our MacNutt branch. With the increased dependency on technology and the internet, the current internet services available to the MacNutt district are increasingly becoming inadequate to provide services to our members.
Last day of Business is Wednesday February 28, 2018