Canopy Credit Union's coffee shop branch gets the kibosh

Canopy Credit Union has opened the doors for its newest branch, but the Spokane-based institution won’t be using the full space just yet.

The credit union had previously announced plans to share the space with local roastery Revel 77 Coffee, but in a press release announcing the branch opening, CEO Charlotte Nemec said “unforeseen circumstances prevented the coffee shop from being able to move forward with the partnership.”

The open floor plan branch boasts over more than 4,300 square feet including the main floor and the basement, and the credit union is now on the hunt for a new co-location partner “to complement our space,” added Nemec.

The credit union acquired the building in June 2018, when the $161 million-asset institution was still known as Spokane Federal Credit Union. As reported, some analysts were bullish on the potential for co-location, but others suggested Canopy and other institutions attempting such a strategy might struggle for a variety of reasons. Canopy officials did not provide further details on why the Revel 77 partnership was scuttled.

A Canopy representative told CU Journal the credit union built the space with a coffee retailer in mind and management still hopes to find a new partner that can provide that service.

Along with the new branch, the credit union also recently announced that the Credit Union Service Center, a facility shared by three different CUs, including Canopy – would excusively become a Canopy location as of Jan. 1, 2020. And Nemec said a newly acquired property behind the new branch could also be leveraged to benefit the CU in the future.

“As we continue to grow and expand our reach, we look forward to helping more members of our community grow their financial futures,” she said.

This story was updated at 5:02 P.M. ET on Sept. 18, 2019.