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“It seems basic but branch closures can often be prevented by some research and market analysis–don’t pick a site just because you think you should be there. It is a substantial financial investment so take the time for due diligence,” said PWCampbell President/Chief Operating Officer Jim Caliendo.

He adds that credit unions also need to consider local economic factors: Is there a decrease in population? Are major businesses in the area closing? If dependent on a single SEG sponsor, does the credit union have a plan in case the SEG closes? “From the beginning credit unions have to do a branch profitability assessment to assess how a branch is doing financially,” said Caliendo. “Built into the system there has to be a true way to make a financial analysis of a branch. Typically branches should be breaking even within a 24-month period.”

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