Credit union construction

The local credit union will be getting a facelift.

During the CrossRoads Financial Federal Credit Union annual meeting Saturday at Jay County Fairgrounds, president and CEO Donald Gillespie announced plans for a $1.1 million renovation project at the main branch in Portland.

He also announced a special dividend totaling $270,000 that will go to the credit union’s about 8,900 members following a record year that saw a net income of more than $1.9 million. It marks the first time a dividend has been offered in the 74-year history of the organization.

"I'm very excited,” said Gillespie after the meeting. “We've done a lot of work on this, not only the project ...

"To be able to give $270,000 back to your membership, that's remarkable. ... I have a good board of directors who were willing to take that and give it back."

The renovation project will focus on the south side of the main branch — 1102 W. Votaw St. — creating a new entrance and larger lobby area as well as the drive-thru lanes and parking lot. Once the project is complete, customer parking will be located on the west side of the building. The current atrium will be knocked out and sidewalks will be adjusted to connect with the west parking area. Customers will go through a glass entryway area — handicapped accessible — and then into the larger lobby space.

The south side of the building, which currently offers some customer parking, will be used as drive-thru service lanes as well as an outer bypass lane for those who use the ATM to be able to access the exit. Tellers will be equipped with headsets that are intended to improve service and cut down on background noise and other drive-thru improvements are planned. All three lanes will be open at all times.

Gillespie said a fourth drive-thru lane was considered, but data shows customer traffic does not warrant such an addition.

The parking lot will be redone, with the three drive-thru lanes marked. The Votaw Street driveway will become an entrance only for space and safety reasons — Gillespie noted a recent traffic accident at that site — with all customers to exit via Industrial Park Drive.

    The renovation project at the CrossRoads main branch, 1102 W. Votaw St., Portland, will include parking lot improvements, including striped drive-thru lanes. Customers will enter from Votaw Street and exit via Industrial Park Drive. (Romary Associates)
  

Construction is expected to start this spring, with a goal of completion by the end of 2025. Romary Associates of Fort Wayne is the architect for the project. A contractor has not yet been hired. The branch will remain open through construction, board chair Joday Auker said.

Discussion about a renovation project began in earnest in August in conjunction with the closure of the branch at 905 N. Meridian St. Gillespie and Auker both mentioned rumors following that closure and said the upgrades at the main branch are, in part, a message to the community.

"We are here to stay,” said Auker. “Because we sold the North Meridian branch, I don't want people to think the credit union is folding up or hurting by any means. We're going to invest into this building and let everybody know that we are here to stay and we're here to serve all of our members for a long time to come."

Gillespie noted the record year with a net income of $1.91 million in 2024. That’s up by 49% over the previous mark of $1.28 million set just a year earlier.

In the financial report, CrossRoads vice president Jeff Whetstone announced total assets of $90.19 million. That number is up by $2.42 million from the previous year and has nearly doubled in the last decade.

The record net income led to the decision to provide the special dividend, an idea for which former chair Dale Pearson had been an advocate.

"I want to thank the board because we pushed for this; Dale, you pushed for this for a lot of years, didn't you?” said Gillespie. “We've got a lot of things going on. ... But we also know who makes us, and that's the membership. So we wanted to make sure we gave back something to you ..."

Gillespie explained that one dividend per member — a little over $30 apiece — would be distributed. They should see it reflected in their account by the end of March.

Addressing the closure of the Meridian Street branch, Auker said the property has been sold to a local business (Bollenbacher and Associates) but the CrossRoads ATM at the site will remain in operation. To compensate for the closure, the main branch is now open in the lobby until 5 p.m. on weekdays and the drive-thru until 7 p.m. The drive-thru is also open until 3 p.m. on Saturdays.

Gillespie noted that all employees were retained following the closure of the Meridian Street branch.

Also at the annual meeting:

•Auker reported that the credit union received all 1s and 2s in its National Credit Union Administration (NCUA) review, which rates capital adequacy, asset quality, management, earnings, liquidity risk and sensitivity to market risk. It received a 2 overall, the second-highest rating available.

•John Hart was honored as he retired after 30 years of service on the credit union’s supervisory committee

•Margaret Ralph, Reda Theurer-Miller and Auker were re-elected to the board of directors.

•Auker reported that $100 each was donated to 10 local not-for-profit organizations from money raised via employees paying $1 to wear jeans to work on Fridays. In addition, sponsorships were provided to dozens of local organizations.