x) PROVIDENCE === | BUSINESS NEWS $2.00 Bianesenews oe YOUR LOCAL SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLANI PON FHOTO/MICHAEL PERSSON IN TOWN: Charlie Wilson, owner of The Town Trader in Glocester, says that having a responsive, local institution such as Navi- {gant Credit Union has helped him prosper. Bricks and mortar wooing clients BYRHONOAS. MILLER ILEROFONCOM With many financial services easily accessible online and ‘on smartphones, some banks in Rhode Island and southeast ern Massachusetts are sticking to the strategy of expanding, »tho number of bricksand-mortar branches as a valuable [presence for consumer and commercial customers. “We've had a branch expansion strategy for some years now. It's been slow and steady,” said Executive Vice Presi- dent and Chief Operating Officer for Navigant Credit Union Lisa Dandeneau. “It accelerated a bit last year be- cause there were some acquisition opportunities, so we had more expansion than we would have ina typical year.” Navigant and other local banks are diverging from the national trend. “Following years of nearly unchecked expansion, finan ial institutions across the U.S. are closing thousands of ‘outposts, as pressures mount to cut costs and more custom: ers embrace online and mobile banking,” according to a March 31 story in the Wall Street Journal. US. banks and thrifts shut 2,257 branches in 2012, ac cording to SNL Financial, a Charlottesville, Va., research. firm. “That put tho US. bank branch count at $3,000, the Iowest sinco 2007, according to AlixPartners, a Now York. consulting firm,” the Wall Strest Journal reported. “The firm expects the figures to drop to 80,000 over the noxt de. cade, putting the total closer in line with 200) levels.” AS for Navigant, bricks-and-mortar branches havea long and rich history in Rhode Island. The first credit union in Rhode Island, it was founded in 1915 in Central Falls, Start ing with assets of $22,000, Navigant grew to $15 million in assets by 1964 and currently has more than $1 billion in. as- sels, according to the credit union website. ‘With growth to the current 63,000 membersand 19 Rhode ‘SEE BRANCHES, PAGE 21Branches Islan banc, Navin has contin. (sao aid che series we ‘ing detested ote veo pere ‘"Tyehavelote wer pois ivand ook and whore buts ae Usted snd Dacenen “Our om ‘Samii tooforacne tal avery hance Wee nie ating m3 Sits te even ‘Sencha er sie Dod acai queue Smiscs ad eetecemeum SF eemtemere iach tare Sees =a Sea Se emeeaeanas nae eee Ra cnsaetone aeeeeonre Sareecen ieeseeaore ae Soares TTS eee stot County Savings Han wie ‘Beau onion fo cutie Taft emo eevee {hit othe nko Bs Gouri Seung a Prat se Re ek ae coe ek ston May. Tat was at abet Senmthaer ahead “tntacqsionat Amand te ‘a och at rept ee Pct ‘soko ach open abst eas he an eto ve casters what spe fl ass thy et = ‘ining ania scree rach wn thy wa estar