Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Wisconsin banks trim branches CUs branches sprout
MILWAUKEE (10/20/10)--The economic downturn and changing transaction patterns are trimming the number of Wisconsin bank branches, even as credit union branches continue to grow. Federal Deposit Insurance Corp. (FDIC) data show bank branches in Wisconsin decreased by 37 to 2,351 branches as of June 30, 2010 (Marketplace Magazine Oct. 17). Nationally, there were 98,505 bank branches in 2010, down from 99,540 in 2009. Expert observers said banks eliminated branches to reduce costs and preserve capital. Shifting transaction activity was also a factor. While consumers still enter branches to open accounts, they increasingly use online banking and other options for transactions such as check cashing and withdrawals, prompting a 35% to 50% decrease in these transactions inside branches. As not-for-profit cooperatives, credit unions have generally been able to remain healthy despite the economic downturn, allowing them to preserve their branch networks, the magazine said. The Wisconsin Credit Union League said state credit unions operated 670 branches in June, a gain of 10 branches since 2009. Nationally, credit union branches increased from 21,341 in 2009 to 21,477 in 2010. In some cases, Wisconsin credit unions acquired new branches from banks that were retrenching. Earlier this year, AnchorBank sold 11 branches in northwestern Wisconsin to Royal CU, Eau Claire. UW CU, Madison, bought a branch property from Amcore Bank in Milwaukee shortly before that bank failed and bought a Waukesha branch from Equitable Bank.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
10 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
11 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
13 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
15 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
16 hours ago