Business

Credit union to close money-losing ATMs and branches

Coastal Community Credit Union is taking out its Cortes Island branch and ATM, and also reducing hours of operation at its Quadra Island Branch effective July 5.

On Thursday, the credit union said the closures are due to financial losses at the local branches. ATMs (automatic teller machines) and branches at Alert Bay and Sointula are also closing.

“ Despite considerable efforts in the last several years, these specific branches have not been financially viable,” said president and CEO Adrian Legin in a news release. “In the interests of all our members, we determined that the level of subsidization being provided is not justifiable over the long-term.”

Coastal has 110,000 members and clients, and two branches in Campbell River. Legin defended the closures as the right decision for the long-term viability of Coastal.

“We considered the impact to our members, employees and communities before making these difficult decisions,” he said. “While these were very difficult decisions, I’m confident the actions we’re taking are the right ones and in the best long-term interest.”

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Big-box stores excluded from liquor sales
 
The Mirror welcomes Maria Kirley on board
 
Opposition demands Mount Polley reports
Nigerians await news on missing girls
 
Report: Digital, social media platforms contribute $7.3 billion to Canadian economy
 
Chamber Chatter
Whole Show Restorations receives ethical business award
 
What Women Want inspired by Audrey Hepburn
 
CAR CARE Maintenance man

Community Events, October 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Oct 17 edition online now. Browse the archives.