Directions CU To Close Two Struggling Branches
TOLEDO, Ohio – Directions CU announced it is shuttering two under-performing branches next month, one in Mount Vernon and one in Mansfield.
Barry Shaner, president of the $525 million credit union, told members in a letter announcing the moves the Mount Vernon branch has “struggled to grow and membership has dwindled.” This he attributed to the number of financial institutions in Mount Vernon, noting: “We have found it to be a saturated market that provides little opportunity for enhancing the financial services available to the community.”
Four employees in the Mount Vernon branch, which opened in 1937 as part of the American National Can CU, will lose their jobs in the move.
The credit union still has branches in Mansfield and in nearby Lexington.
Directions reported net income of $1.1 million for 2010 and net worth over 8% at year end.