Credit unions are expanding in Brevard: Here are 4 things to know
As many commercial banks consolidate their operations and close branches, Brevard County credit unions are expanding, with new offices under construction or recently opened.
Case in point: Community Credit Union Florida is building new branches in Melbourne and Viera, while Space Coast Credit Union has one under construction in Viera.
Why are credit unions expanding while commercial banks are closing branches?
Daniel Kelley, chief experience officer at Community Credit Union Florida, says a big reason is that "it comes down to our business models are completely different" from commercial banks.
Credit unions are member-owned, nonprofit financial cooperatives, and may be less concerned with cost-cutting efforts than the typical commercial bank might be.
What are some of the recent expansion efforts of credit unions?
Rockledge-based Community Credit Union is building a new branch office off Stadium Parkway in Viera that will open in August and one off North Wickham Road in Melbourne that will open in October. In addition to having a branch office and a real estate lending center, the 10,000-square-foot Viera site will have about 6,000 square feet of back office space, and will house about 40 member contact center employees. The Melbourne office will be about 5,000 square feet. With the expansion, CCU will have nine branches in Brevard, although it will consider whether to keep one a branch on Murrell Road in Viera, since the two new branches will be nearby. After the new branches open, CCU will have about 155 employees, up from the current 140.
Merritt Island-based Launch Credit Union opened a new branch on South Singleton Avenue in Titusville in July. It now has 14 regular offices in Brevard and Volusia counties, plus a total of five "restricted access branches" at Kennedy Space Center, Cape Canaveral Space Force Station and two Volusia high schools. It has 316 full-time employees.
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Suntree-based Space Coast Credit Union is building a new 2,500-square-foot Viera branch at the intersection of Pineda Causeway and Lake Andrew Drive, near the Costco Wholesale store. The new branch ― scheduled to open in late-summer ― will be SCCU's 21st in Brevard and 66th companywide. It has more than 1,000 employees working in 34 Florida counties, including 593 based in Brevard.
And Jacksonville-based VyStar Credit Union expanded into Brevard County in 2022, as it opened branches in Titusville in March and in Suntree in September.
What are some trends in banking related to personal interaction?
Kelly Haskins, vice president of marketing at Launch Credit Union, said Launch is expanding its business account services and products, as well as introducing retirement and investment services.
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Kelley at Community Credit Union says many credit union customers are switching from in-person banking to use of automation. For example, CCU's in-person transactions decrease about 10% to 15% from year to year.
But customers still "want to be able to walk into a branch, and talk to somebody" for important banking business, such as getting a mortgage or car loan, or making a large deposit or withdrawal.
In a hybrid approach, CCU's two new offices and some others will have "video tellers" to help with drive-thru transactions. Those tellers will not necessarily be based at that particular bank branch, but will be able to give customers live assistance, and will enable CCU to expand drive-thru hours.
Will credit unions continue to expand in Brevard?
Yes. For example Space Coast Credit Union Chief Executive Officer and President Timothy Antonition said the credit union plans to break ground on another still-to-be-announced Brevard branch location later this year, and "is always looking for opportunities to expand our branch network where it benefits our membership.”
Kelley said CCU is considering opening more branches in Brevard during the next several years, potentially including on the beachside and in southern Brevard.
Contact Berman at dberman@floridatoday.com, on Twitter at @bydaveberman and on Facebook at www.facebook.com/dave.berman.54
This article originally appeared on Florida Today: Brevard credit unions building new branches, expanding services
