Arrha Credit Union to Close Hadley Branch
HADLEY — Michael Ostrowski, president and CEO of Arrha Credit Union, announced a plan to close the Hadley Branch at 140 Russell St. The credit union submitted a request for permission to Commissioner Terence McGinnis, Division of Banks, Commonwealth of Massachusetts in Boston.
“We have made this request due to the Hadley branch not meeting its original projections,” Ostrowski said. “After two years, the branch has over 80% of its deposits in certificates of deposits. We have made efforts to grow this branch; however, due to the competitive market, we continue to have minimal member transaction accounts.”
He added that closing a branch is a decision the organization does not take lightly.
“We feel that we are part of the Hadley community and will continue to serve our members using convenient technology, online banking features, and welcoming them to our Springfield branch at 145 Industry Ave. or our West Springfield branch at 63 Park Ave.”
The closing will not happen until late January, he went on, and personal letters will be sent to all members who have accounts at the Hadley branch to notify them of the decision.
“We are grateful to the Hadley branch staff for all their hard work and to the members who joined,” Ostrowski said. “We care about our members, and we appreciate their loyalty. The staff at our Hadley branch will be offered comparable positions at our other two branch locations in Springfield and West Springfield.”