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.”