Seattle skyline with the Space Needle. Seattle skyline (Image: Shutterstock).

Richard Romero, president/CEO of the $1.1 billion Seattle Credit Union, admitted the city's crime rate was a factor when the decision was made to close two downtown branches.

But it was only one factor.

After the word got out earlier that the credit union was closing the branches because of the growing crime rates, it captured a lot of local headlines from several media outlets.

In December, the credit union sent an email to its 55,639 members stating that it was planning to close its Rainer and Georgetown branches in Seattle.

"Ensuring the physical safety of our members and staff both in and around our branch offices has become increasingly difficult at these locations," SCU's email read in part. "Your personal safety, as well as your financial well-being and banking preferences are important to us, representing the key variables in our decision."

One of the first reports from a local media outlet posted an article that SCU was closing the branches because of the city's rampant crime, and that it was doing so on the heels of Starbucks locations that also shuttered because of the same problem. That news organization, however, did not report there were other reasons for the branch closings, as some other local media outlets later reported.

"Our decision to close these branches has been weighed over several years. Each year we review branch usage patterns and a variety of metrics when deciding which branches are meeting business and member needs," Romero explained. "Over the past few years, branch foot traffic has declined 55% and 49% of transactions have moved to digital channels. The pandemic has had a major impact on transaction behavior and the adoption of electronic transactions."

In addition, SCU considered branch safety issues and the cost of providing a safe and secure environment for members and staff.

"In the end, we feel that with having other branches nearby and electronic services, we can continue to support these communities," Romero said.

Nevertheless, he acknowledged that crime is really high and it's a hot topic of concern with the city's businesses and residents.

Interestingly enough, however, crime has actually declined during the last year.

From 2020 to 2021 the reported incidents of violent crimes (homicide, rape, aggravated assault and robbery) increased from 4,466 to 5,340, which declined slightly to 5,245 reported violent crimes by the end of 2022, according to the Seattle Police Department.

What's more, from 2020 to 2021, reported property crimes (arson, burglary, larceny-theft and auto theft) increased from 43,180 to 47,389, but that number of reported property crimes also declined to 40,619 incidents at the end of last year, the Seattle Police Department reported on its website.

The Rainer branch officially closed last week and the Georgetown branch is scheduled to close on Feb. 3.

Romero said employees who worked at those branches have been assigned to other branches.

The credit union continues to operate four branches in Seattle's city limits, including its corporate headquarters, a downtown location and two other branches. SCU also runs five branches in Tacoma, Tukwila, Lynnwood, Burien and Kirkland, Wash.

Romero also noted that last year the credit union's headquarters had been downsized from a 45,000-square-foot building to a 5,000-square-foot building, and its staff has gone fully remote.

"We're a pretty nimble organization and we're going to change with the times," he said.

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