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Area Island communities set to lose their local banks

Coastal Community Credit Union announced that effective July 5th, 2014, it will be closing branches and ATMs in Alert Bay, Sointula and Cortes Island. It will also be reducing the hours of operation of its Quadra Island branch.

Adrian Legin, President and CEO of Coastal Community Credit Union explained, “The decision to make these changes was based on comprehensive reviews and assessments of our services in all our branches and regions. Despite considerable efforts in the last several years, these specific branches have not been financially viable. In the interests of all our members, we determined that the level of subsidization being provided is not justifiable over the long term.”

Coastal Community will continue to support affected members through online, mobile and telephone banking, mobile specialist services, 24-hour MemberCards, as well as in-branch support at any of their other 21branch locations.

Chief Community and Marketing Officer Joe Christiano says they closures will effect 16 employees and they are working to help them.

Legin says, “We considered the impact to our members, employees and communities before making these difficult decisions. While these were very difficult decisions, I’m confident the actions we’re taking are the right ones and in the best long-term interest of our 110,000 members and clients, and our organization as a whole.”


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