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Driving Credit Union Branch Innovations

Credit unions expanding the definition of a branch.

DMV/Credit Union branch combination.

Credit unions in Connecticut and New York are driving branch innovations that are rolling in new members and new loans.

The $439 million Nutmeg State Financial Credit Union in Rocky Hill, Conn., opened a new branch that doubles as a state Department of Motor Vehicles center, where citizens can renew their driver’s license. The Milford branch draws about 200 people daily, resulting in nearly seven new credit union members each day. What’s more, during its first three weeks of operations in June, the Nutmeg/DMV Express services branch processed $1 million in loan applications, $600,000 of which was funded.

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Peter Strozniak

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