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For all its 59 years, the Columbus Credit Union in Warren has been a one-office outfit.
That’s going to change soon.
The credit union, with about 5,590 members and $54.4 million in assets, is preparing to expand into the former East Providence Credit Union branch in Riverside, the southern section of East Providence. EPCU closed following the state’s credit union crisis in the early 1990s.
It’s a big step for the credit union, which got its start in 1950 when a group of Knights of Columbus members decided they needed their own credit union. Columbus CEO Cidalia C. Rocha answered five questions about the move.
PBN: What is the timeline for your expansion to the Riverside section of East Providence into the former location of the East Providence Credit Union, which closed following the credit union crisis of the early 1990s?
ROCHA: We are scheduled to open in late September to early October, and we are very excited to bring the full features and benefits of Columbus Credit Union to the community around this location. I actually started in the banking business as a part-time teller in that East Providence Credit Union branch 32 years ago. It was always a busy branch and right now, there are no other credit unions serving this area. Of course, credit union deposits are now backed by the full faith and credit of the U.S. federal government, so the Rhode Island crisis could never occur again.
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PBN: Why that location, two towns away from your base in Warren?
ROCHA: We actually have many members who live in the Riverside and west Barrington communities, and the Riverside area does not have a local credit union. The new branch will provide greater access for current members to the many financial products and services we offer as well as expand the availability of affordable financial services to the community at large. The credit union philosophy is: “People helping people.” And we believe all communities should have access to our brand of dedicated, personal service.
PBN: Columbus Credit Union, like all other credit unions, recently has had to absorb sizable assessments to cover to bailout of the nation’s corporate credit unions, which are basically credit unions for credit unions. Is this the best time to making such a move?
ROCHA: Mainly because we did not make risky investments with our members’ deposits, we are not financially stressed, as many banks are today. We have been planning this enhancement for quite some time and have sufficient capital to complete it. We, like all credit unions, are not-for-profit cooperatives and the credit union system remains strong after 100 years, even in these difficult financial times. We are very excited to bring the credit union way of banking back to this community and believe now more than ever, that people deserve to have access to a banking institution they can trust.
PBN: What is the demographic of your members?
ROCHA: The majority of our current membership is from the Bristol County area. However, anyone can become a member of our credit union. Membership is free and only requires a small $20 deposit to open an account. We have members of all income levels and of all ages – from teens to seniors. From high-interest deposit accounts, to powerful checking and banking tools, to loans for virtually any purpose, Columbus Credit Union has all of today’s best and most technologically advanced banking products and services – all offered with the highest quality, personal service.
PBN: What has been the feedback from your members? Why?
ROCHA: All feedback indicates that our members are really looking forward to the expanded service. Also, many residents in the Riverside area who are not yet members have called to inquire about joining their new community Credit Union. The branch at 3 Crescent View in Riverside will have a full staff and will provide the same wide-ranging variety of valuable, quality financial services. The new branch will feature 24/7 ATM access, convenient drive-up windows, and a unique child activity center. We are excited and looking forward to serving their best financial interest.
