Have CU will travel
DALLAS - When the grocery store where Pegasus Credit Union was located announced it was closing, the $94 million credit union was literally able to pack up its in-store branch and move to a new site within 30 days. Atlanta-based International Banking Technologies, a retail branch design/build firm in partnership with SMED International, a modular furniture and wall system manufacturer designed and installed a customized a modular branch. According to IBT Senior Vice President John Nicola, remaining flexible is imperitive for any organization and this moveable branch may be a trend for the future as it gives financial institutions a permanent feel without the limitations of an immobile structure. "It was of course disappointing to move because the in-store grocery branch was extremely successful," said Pegasus CU President/CEO Hank Dews. "But luckily we were able to find a very upscale town square-type center and since we didn't have to completely design a new branch we ended up saving somewhere between $15,000 and $20,000." Despite the new neighborhood and the adjustment to a new type of member the facility not only fit in its surroundings but also exceeded Dews expectations. Although a decrease of 23%-30% was predicted the net growth stayed the same. In addition, Dews reports that growth has been about $350,000 a month and loans are so far over $200,000. Plans are underway to open another in-store modular branch in North Texas in 2003.