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Membership growth prompts UW CU to buy Borders property
MADISON, Wis. (7/28/11)--The UW Credit Union, Madison, Wis., has purchased a former Borders building to accommodate membership growth and increased workforce needs. The credit union plans to move the branch retail space and investment services offices from its current headquarters building just blocks away to the former book store building. UW CU’s corporate offices will remain in the current location. The Borders building was constructed in 2001. To accommodate the relocation, the interior will be remodeled and drive-up lanes will be added to the rear of the building. UW Credit Union expects to have the transition completed by December 2011. Since the credit union opened its headquarter offices in 1995, its membership has grown to more than 158,000 from 69,000, according to Brad McClain, UW CU executive vice president and chief financial officer. “Over the last two years, we’ve seen membership grow, on average, by about 13,000 per year,” McClain said. “We’ve quickly outgrown our current space, so we’ve had to identify ways to accommodate our increasing space needs” In addition to membership growth, $1.6 billion UW CU has increased its workforce to keep up with the needs of the membership. The move will provide for additional employee workspaces and parking for future growth at the corporate office, McClain said. “When Borders announced it was closing their location so close to our headquarters, we identified the opportunity to utilize the convenience of this retail space,” said UW CU President/CEO Paul Kundert. “By relocating our retail branch services to the new building, we will accommodate space needs created by growth and make it possible for our corporate office to serve our needs for many more years.”


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