Vocal Credit Union, a $27.4 million institution based in Helena, Mont., as acquired a branch of Dutton State Bank in White Sulphur Springs, Mont.
The new Vocal CU branch (which was the former Dutton State Bank branch) opened on Monday, Oct. 2, moving $800,000 in one day to new and existing accounts on its first day of business.
Montana's Credit Unions, the league representing 52 CUs across the state, noted in an announcement that despite a shortage of banks in Meagher County, Dutton State Bank’s White Sulphur Springs branch was losing revenue, so Vocal CU, whose closest location is located in Helena, decided to step in.
This branch in White Sulphur Springs will also be the only credit union for 112 miles and Vocal CU hopes that they will bring some “much needed community engagement” to White Sulphur Springs.
“It was important to us that our credit union serves the needs of the White Sulphur Springs community better,” Vocal CU CEO Eddie Black said in a statement. “We have worked closely with Dutton State Bank to make this transition a smooth one for local residents and are grateful to have received such positive feedback along the way.”
With the acquisition and building rebrand, Vocal CU said it will provide locals with “superior financial services,” lower loan rates, upgraded technology and an ATM, which will be surcharge- free for everyone in the first six months of opening. Vocal CU will install an ATM in their drive-thru lane in early 2018.
According to call reports, Vocal CU posted net income of about $42,000 in 2016, after recording net income of about $103,000 in the prior year.