Branching out

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This article was published 19/01/2020 (1557 days ago), so information in it may no longer be current.

How do you transform an aging credit union building into a new one on the same site, without disrupting the flow of business? Steinbach Credit Union intends to find out.

The financial institution is working on an ambitious plan to overhaul one if its two Winnipeg locations, replacing its existing Linden Ridge branch with a larger, four-storey building while keeping the branch open throughout construction.

The plan calls for building two floors on top of the branch at McGillivray and Kenaston boulevards, temporarily moving the branch’s operations into the new floors, then demolishing the original structure below and building a new one.

SCU’s Linden Ridge branch opened in February 2003 in a building that’s about 50 years old, said CEO Glenn Friesen.

It’s the smallest of the credit union’s three locations, including its home base in Steinbach and its other Winnipeg branch on Lagimodiere Boulevard.

“It’s a building that has been very good for us, and it’s a location that’s been very good for us,” Friesen told the Free Press.

“We need to accommodate our existing members, and the new members as we get them, and the existing building is too small for that.”

Despite its physical limitations, Friesen said the Linden Ridge branch is the credit union’s largest in terms of membership and assets, and it’s growing quickly.

He said SCU officials considered renovating the building, but determined constructing a new branch would only cost about one-third more.

“So for about a third more, we can get ourselves a brand new building, and it will be a stunning building,” he said.

SCU’s chief retail and brand officer Celina Philpot said the Linden Ridge branch is running out of space for employees.

“We’re cutting offices in half to try and accommodate more than one employee, just because the membership growth has been substantial in this area,” she said.

“There’s been a lot of development, and in our credit union we’ve been blessed to grow along with the community.”

Cramped office space is also less than ideal for clients who want privacy while discussing their finances, Philpot added.

“Our physical space, we believe, is part of our brand, and we want people to feel a certain way when they come in to see our branch and interact with us, so that they feel like it’s a place they want to be.”

Philpot said clients of the Linden Ridge branch will notice disruptions once the project gets underway, but the credit union will work to make the transition “as painless as possible.” At some point in the project, she expects clients will be temporarily unable to access their safety deposit boxes while they’re moved.

The project ought to take about two years once it gets underway, although a start date has yet to be determined.

Philpot said the plan is waiting for the green light from the credit union’s board of directors.

Plans submitted to the city show the proposed new building will have 152 parking stalls, roughly the same as the existing parking lot, plus bicycle parking and improved pedestrian access. A new landscaping plan calls for more trees and shrubs to be planted on the site.

Friesen said the new branch will measure about 45,000 square feet, comparable in size to the Lagimodiere branch. The project is expected to cost about $15 million.

Friesen said that price tag might seem high — but with the credit union’s assets under management approaching the $7-billion mark, he added, “It’s a reasonable investment for us to make.”

“There will be some inconveniences, but overall I think we’ll be able to serve our members in the same manner that we do now,” said Friesen.

solomon.israel@freepress.mb.ca

@sol_israel