The Springfield branch of the Highway Employees Credit Union is among 10 locations statewide that will relocate out of Missouri Department of Transportation property by the end of 2012.
The transition under way to move the credit union branches out of MoDOT operations and properties is largely cost-driven, said Jorma Duran, MoDOT community relations coordinator.
“It was, basically, a decision that we needed to make to look at the next five years, because we knew that we had stagnant state revenues and we’re really not certain what our federal revenue will be,” Duran said. “What we decided to do is to look at what our core business is. We decided that the credit unions didn’t really have anything to do with our mission, which is related to transportation.”
The Highway Employees Credit Union branches serve MoDOT employees and retirees and their families, as well as employees, retirees and families of Missouri State Highway Patrol.
The Missouri Highways and Transportation Commission, which governs MoDOT, in March gave its approval to transition 10 district credit unions out of MoDOT buildings, and the 27 credit union employees statewide are no longer MoDOT employees, due to a change that took effect Oct. 1. Beginning in January, each credit union will begin paying rent to MoDOT, but all must be relocated out of MoDOT property by Dec. 31, 2012.
“We will be moving out of the building, but as for when and where, we don’t know yet,” said Sherry Nelson, assistant manager of the District 8 credit union, which is now housed at MoDOT’s Springfield location, 3025 E. Kearney St.
Nelson, who is the credit union’s sole Springfield employee, said the credit union has about 2,000 members and reported roughly $15.8 million in assets at the end of 2009.
Duran stressed, however, that while the credit unions will move, it will be business as usual for members. A news release from the credit union noted that available services will not change, and each account remains insured up to $250,000.[[In-content Ad]]
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