Southern Select tries branch sharing

Southern Select Community Credit Union has a new location inside the Call Federal Credit Union office in Concord. This is the first arrangement of its kind between credit unions here.

Call Federal is the credit union to Philip Morris’ Cabarrus facility employees. Southern Select Community Credit Union is a full-service, community-chartered credit union with broad authority to provide services to everyone who lives, works, worships or attends school within 50 miles of Kannapolis.  The new office is in the Concord Shopping Parkade, at 268 Concord Parkway, South, in Concord.

Southern Select CEO/President, Huyla Jackson explained, “This move enables us to provide an additional convenient banking location to current members who are routinely in that busy Concord Parkway corridor. Southern Select is also now within easy reach of the many others who have been interested in banking with a credit union, but did not previously have a credit union whose membership was open to them.”

“This idea of branch-sharing  isn’t new, but is still rather unusual,” said Call Federal Credit Union’s President and CEO Roger Ball. “We have a branch that operates in a shared facility with two other credit unions in Richmond, Virginia. This concept exemplifies the cooperative nature of credit unions. The shared approach enabled all three credit unions to expand their service to members through a non-competitive, mutually beneficial arrangement, while resulting in reduced overhead expenses for all.

Jackson added, “Because of our not-for-profit business model that makes each member an equal owner, credit unions are not subject to the pressure publicly-held institutions are under from stockholders to achieve ever-increasing profits and stock dividends. Therefore, Southern Select can concentrate on helping members build a better life… not a bigger bank.”

Southern Select provides all the personal attention credit unions are known for, combined with today’s modern conveniences, including online banking and bill pay, e-statements and more. At SSCCU’s new Parkade location, members may come in, drive up or use the ATM.  Deposits at both Southern Select CCU and Call Federal CU are federally insured by the National Credit Union Administration (NCUA) to at least $250,000. 

Southern Select Community Credit Union (www.southernselectccu.com) currently operates from three other branches: 169 Dale Earnhardt Boulevard, Kannapolis (near the NC Research Campus); 15 Market St., Concord (historic downtown) and 203 East Meadow Road, Eden.