In an ongoing move away from stand-alone shared branches, the Credit Union Service Co. of Virginia, a CUSO of the Virginia Credit Union League said it is closing its shared Portsmouth facility Sept. 17 in favor of the so-called outlet units.
Officials said the leased Churchland branch had experienced declining volume and higher expenses and the closure reflected an industry trend toward outlet units in which CUs permit participating members of other CUs to conduct transactions.
“We still have four stand-alone locations that are doing quite well but most shared branching networks have moved away from these stand-alone branches,” explained Terry Childress, executive vice president of the Credit Union Service Co. of Virginia.
CU members in Portsmouth using the Churchland branch are being advised this month of the switch to CU area outlet units, said Childress, suggesting that any CU in the area “that wishes to be an outlet should submit a request as soon as possible.”
At one time Credit Union Service Co. had nine stand-alone shared branch facilities.