CU Leasing Space To USPS For Store; Asset Growth Like 'Mr. Toad's Wild Ride'
In an unusual twist, Pyramid Credit Union is leasing new branch space to the U.S. Postal Service
It seems only fair, considering it was employees of the Postal Service that gave the CU its life back in 1929, said
"Pyramid got its start as the Tucson Post Office Credit Union,'' Shields said. As it stands, the board of directors
For $1 a year, postal employees provide outgoing mail and retail services such as mailing packages and selling
"When you walk in, to the left is the typical financial institution and to the right are offices and a waiting area,''
Shields said the arrangement came after plans by the U.S. Postal Service to build its own facility adjacent to the new
To cancel the plan would have come as a huge disappointment to the residents of the isolated area who were looking
"Not having postal services was a big pain,'' she said. "They had to travel 10 to 15 miles into town to the nearest
Since the credit union and its new lessee opened for business in late October, Shields said, operations for both have
While not an income-generator for the CU, she said, the benefits are mutual. In addition, the arrangement is just
"We probably still have more traffic for the post office than we do for the credit union,'' she said, adding that she
Since the CU expanded its field and within the last seven months, opened two new branches bringing the total to
For example, she said, the CU has greatly benefited from its partnership with two other CUs-the three of whom
"I know people thought is was unusual to have three credit unions in a competitive mindset in the same location, but
Shields said the CU experienced a growth of 12 percent last year, most of which came during the last quarter.