Community America Opening Three Walmart Branches
The $1.7 billion Community America Credit Union of Kansas City is on a roll with branches in Walmart stores by planning to open three more facilities this fall including one this week.
The CU which already has what it calls a successful branch in Blue Springs will open a new facility in the Blue Ridge Crossing center in Kansas City on Tuesday and then two more branches in Kansas City, Kan. and Raytown, Mo. in October.
"We have a good partnership with Walmart and good relations with store managers," said Dennis Pierce, president/CEO. Community America has 31 branches, most in metro Kansas City and has 136,000 members.
Pierce said he has seen no evidence yet of competition in his market from Walmart's Money Center expansion within its stores, which has occurred in other parts of the country. The Money Stores sells money orders and various checking products, sometimes seen as undermining the business of bank or CU branches in the stores.
"We just haven't seen them here," said Pierce. CU managers, like Pierce, view Walmart branches as good for building future loan business and favorable exposure despite a record of heavy low-profit transaction volume.