UNIFY Financial Credit Union will close its only San Francisco branch, located in the heart of Ingleside, on Friday, Jan. 31.
“After considerable evaluation by the Credit Union, a decision has been made to close this branch and consider other options for potential area locations to support the San Francisco market in the future,” according to a statement on a sign posted in the bank’s window.
The Light put in a request for information about the plans for the storefront and if the branch’s employees will be relocated to different branches.
“We do own the building, and the organization is still deciding the next steps,” Associate Vice President Region Manager Nick Ebert wrote in an email. “In terms of the staff members at our San Francisco branch, we have been able to successfully place them in the same roles they currently serve at UNIFY within the Bay Area.”
UNIFY, which was formerly called the Western Federal Credit Union, has nearly $3 billion in assets and more than 245,000 account holders, according to its website.
In 2016, UNIFY took over the San Francisco Municipal Railway Employees Federal Credit Union, absorbing its sole branch at 1425 Ocean Ave.
The San Francisco Municipal Railway Employees Federal Credit Union was founded in 1952 to serve railway employees. When it merged with UNIFY, the credit union had approximately 750 members and $5.1 million in assets, according to a 2016 press release.
The closure of the San Francisco branch of UNIFY will further exacerbate Ingleside’s storefront vacancy issue. Some 16% of Ingleside’s storefronts are vacant.
For comparison, the citywide storefront vacancy rate is 12% while nearby West Portal’s storefront vacancy rate is 4%, according to the Office of Economic and Workforce Development.
Updated on Thursday, Jan. 16 with comment from UNIFY Financial Credit Union.
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