Likeness of NorthCountry’s new office on Center Street, Lyndonville.
Vermont Business Magazine Like other financial institutions, NorthCountry Federal Credit Union has seen a steady decline in demand for in-person transactions. But instead of closing branches as some competitors have done, it’s building its largest one ever. As online and mobile banking have grown in popularity, accountholders who use the Lyndonville branch are visiting it an average of 1.7 times per month – down nearly 50% from 2005, when the average was 3.2 visits per month.
With demand for in-person transactions dropping so steeply, it may come as a surprise to some when this summer, the credit union tears down its 2,100 square foot branch in Lyndonville and replaces it with a new 3,400 square foot facility -- the largest in the credit union’s branch network.
“Branches aren’t necessarily going away, but they are changing,” says Bob Morgan, CEO. “Our newest buildings feature more private offices and meeting spaces, with fewer teller stations.” He adds that the additional space planned for Lyndonville opens the potential to hire local talent to fill roles traditionally based out of the credit union’s headquarters in South Burlington.
Although the average number of in-branch transactions per individual is shrinking, the actual number of people using NorthCountry’s Lyndonville location has more than doubled since its building was previously expanded in 2008. The larger building will support further growth, shorten wait times, and improve safety in the parking lot.
NorthCountry is a community credit union, serving over 55,000 people from 12 locations in northern Vermont. It was organized in 1950, and has done business in Lyndonville since 1992. Funds are insured to $250,000 by the National Credit Union Administration.
Source: Lyndonville, VT – NorthCountry Federal Credit Union 5.28.2019