The new store in Redmond, located in central Oregon, represents "our first partnership with the national retailer" with options to look at other Walmart sites, said SELCO officials.
A press statement said SELCO "will be to offer its banking solutions in a familiar place," said the statement, noting the Redmond branch is SELCO's first entry into in-store branches under a consulting pact with IBT Technologies, a Norcross, Ga., consultant that works closely with Walmart, banks and CUs.
SELCO said it is operating the branch under its Selco Financial Solutions brand. This will be the CU's fourth branch in central Oregon in addition to an existing Redmond branch in Redmond and two in Bend.
Bob Newcomb, SELCO CEO, said the Walmart branch "is the latest symbol of our on-going commitment to communities" served by the CU. "The personalized service and extended hours provided will make it even more convenient for everyone in the community to access SELCO's wide-range of banking services and financial solutions."
On its opening day, the Redmond branch opened 40 accounts "which we consider pretty good for any branch," said Tim Corzine, vice president, noting also that SELCO considered spending on the facility now "because of future opportunities." Still, he said, SELCO "is very much aware of capital expenses and a difficult time in the economy."