Cottonwood Community FCU Opens New Downtown Branch in Former Bank Location
Member use will drive service offerings at the credit union’s Cottonwood, Idaho, branch locations.
When the chance to have a presence in the downtown business area of Cottonwood came along, it didn’t take long for Idaho-based Cottonwood Community Federal Credit Union to act.
“Our Board has wanted us to get on Main Street for a while now,” said Cottonwood Community FCU President and CEO, Greg Sonnen.
It didn’t hurt that the building, located at 316 Main Street in Cottonwood, was a former branch of a large national bank. The new location adds a second Cottonwood Community FCU to the town of Cottonwood. The credit union has four branches total, with the other two located in Craigmont and Nezperece, Idaho.
Prior to opening, the branch underwent a four-month interior remodel, adding office spaces. The new branch also offers safety deposit boxes and ATM access – two features new to the credit union.
“I have a feeling a lot of people are going to make the loop downtown,” Sonnen said, referring to how community members will access the post office, store, and now their credit union, when running errands in downtown Cottonwood.
In conjunction with the branch opening, a flexible operating strategy will be in effect until member usage patterns are established. Current plans are for the older Cottonwood branch to become more of a business loan center and headquarters, with most of the credit union’s retail business planned for the new downtown location.
“Most of the senior management and retail officers will stay in our current building,” said Sonnen. “Consumer loans and other operations will be based out of the new Main Street branch.”
The credit union celebrated the opening of its newest branch with an open house on Oct. 26, treating the community to burgers and refreshments.
“This was an opportunity for us to get a presence on Main Street and an economical way to gain square footage to house our staff,” Sonnen commented.
The credit union is working under tight conditions at their older Cottonwood location with staff utilizing every last bit of space, including the break room.
“It’s going to be nice to have some room again,” said Sonnen.