Deposits Flow Into Branch In Retirement Community

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Credit unions often steer away from senior citizens as they usually don't borrow, but management at nuVision Financial FCU said it is pleased with the recent opening of a branch in the Leisure World-Seal Beach retirement community here.

According to Dal Widick, the chief operating officer for the Huntington Beach, Calif.-based CU, the new branch has been a success. In the first 10 days following the Feb. 2 opening, the first financial institution within the confines of the 8,000-person community attracted more than $1.3 million in deposits.

'Very Lucrative'

"Every day, we get about $200,000 more," said Widick. "It has been very lucrative, and it is an enormous opportunity to meet the needs of the residents. We have become their internal banking facility."

The $670-million, 63,000-member CU had two main strategies in opening the new branch, Widick explained. First, only residents of Leisure World-Seal Beach could access the facility. Second, those residents are eager for guidance on sound investments.

"People are bringing us their investment portfolios from other financial institutions," he said. "We will be managing approximately $1.5 million through Members Financial Services, a subsidiary of CUNA Mutual."

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