Rivermark Community Credit Union Closing Two Branches
The $556 million Rivermark Community Credit Union in Beaverton, Ore., said this week that it plans to close two of its eight branches this fall, a move it pins on increased use of remote channels.
The Clackamas and Newberg branches will close on Nov. 9. Rivermark executives cited growth in online, mobile and ATM use in its decision.
Earlier this year Rivermark closed the Salem branch the suburban Portland credit union had acquired two years prior in a merger.
While Rivermark President/CEO Scott Burgess said he acknowledged that branch closures can send mixed signals to members, "our decision to close two branches reflects a vision to be a technology-savvy credit union."
Rivermark said its online usage has increased 34% year-to-year and that mobile banking is up 86%. The 64,400-member credit union claimed the title of first in the state to offer mobile remote check deposit service earlier this year and said nearly 10,000 members deposited more than 31,000 checks worth more than $12 million in five months.
"Many members already make deposits, open new accounts, apply for and electronically sign for loans from their computer or mobile devices. It's no longer necessary for members to come to us when we are always available online to them, when they need us," Burgess said.
The credit union said it continues to increase its investment in electronic services. "This adjustment in our branch network completes our current branch vision," Burgess added. "As members increasingly utilize mobile banking or online services, the need for brick and mortar locations continues to diminish. This is a reflection of the world in which we live."