Investments in Digital Accelerate Credit Union’s Future Vision on Heels of Growth
LA CROSSE, Wis. – June 9, 2020
Marine Credit Union continues to grow, despite the pandemic and economic recession. Over the past 12 months Marine has seen 25% growth in assets driven by increased member savings and loans. The credit union also achieved record loan volume in the month of May, despite the temporary closure of all branch lobbies. Marine’s strong financial performance, resulting in a net worth ratio of 9.09%, classifies the credit union as “well capitalized” as defined by the NCUA, the highest category of capitalization.
Continued growth has allowed Marine to focus on meeting members’ needs during the recent pandemic. Many members are staying home and looking for digital and remote capabilities to manage their daily activities, including their financial needs. Since the beginning of the health emergency Marine has:
With the shift in providing more digital services to our members, Marine will also shift the role of the branches away from account transactions to growing local relationships. After careful study, expert analysis and feedback from members and employees alike, Marine will permanently close 18 branch offices effective July 8, 2020. Marine will continue to serve these communities through digital products and central servicing teams. The remaining 19 branches will continue business with streamlined hours to align with member needs.
“Marine Credit Union’s five-year strategic plan included significant investments in digital services for our members, as a result of increased preferences toward mobile and online banking shown by the industry at large and our membership specifically,” says Shawn Hanson, CEO. “This trend accelerated during COVID. Habits have formed; consumers have spoken. Our ability to adapt quickly allows us to better serve members now and into the future.”
“We are making these changes from a position of strength and because it is the right thing for our members and the future of the business,” says Hanson. “Our goal is to develop a more efficient branch structure and organization for the long-term, so we can serve more people in our communities, provide better products and services, and further our mission of advancing lives. We will emerge stronger and more resilient for our team, members and communities.”
The cost savings produced by consolidating our physical offices translates into long-term benefits of greater efficiency and allow Marine to be more responsible and effective in advancing people’s lives. In consolidating offices, most employees will continue their roles as usual, while others will shift into new roles to improve our focus on member needs and better leverage employee skillsets. As a result of these changes, 13 leadership positions were eliminated. The remaining 97% of team members will remain employed during this consolidation.