Kitsap Credit Union will close its Bainbridge Island branch next year.
The Bremerton-based institution began notifying customers last week of the impending closure.
In a letter to customers, Kitsap Credit Union president and CEO Elliot Gregg said the company was closing and consolidating three branches, and said the Bainbridge branch will close on March 28.
Branch employees will remain employed with the firm, he said.
“Though this was a difficult decision to make, we are pleased to share that our Bainbridge Island staff will remain Kitsap Credit Union employees, serving members through various locations,” Gregg said in the letter.
Company officials were not immediately available Friday for comment.
The letter sent to credit union customers, dated Dec. 17, did not mention the other two branches that are eyed for closure.
The company’s Bainbridge branch is located at 1050 Hildebrand Lane. According to the Kitsap Credit Union’s website, the institution has 18 branches and more than 300 employees at branches in Kitsap, Jefferson, Mason and Pierce counties.
Gregg, in his letter to customers, said the closure of the Bainbridge branch and two other locations was due in part to costs.
“We, like many local organizations, are consistently analyzing the efficiency of our operations,” Gregg said in the letter.
“We have concluded that in order to serve our entire membership better and maintain our financial strength, we must do two things: keep our costs in line with industry standards, and add more automated member service and operational capabilities. To achieve this, it will be necessary to close or consolidate three branches,” Gregg continued.
“Though the decision to close or consolidate is difficult, the decision will allow us to greatly increase our efficiency and service to the majority of our members,” Gregg wrote.
Gregg also said the Bainbridge branch ATM would remain in place, and upgrades to the ATM are being reviewed.
He also suggested that customers could visit the credit union’s branch in Poulsbo for service.