AllCom To Close Southborough Branch
Worcester's AllCom Credit Union says changes at the NStar facility at 157 Cordaville Rd. in Southborough have made it impossible to keep its branch inside that facility open.
AllCom has asked the state Division of Banks for permission to close the branch, which is not open to the public and now serves only between 40 and 50 customers, said Michael Carroll, AllCom's vice president of retail operations.
Carroll said that since 2001, NStar, a gas utility, has moved as many as 750 employees from the Cordaville Rd. facility to other NStar locations leaving only about 150 behind. The company has also tightened security at the facility and no longer allows retirees or employees' family members inside, Carroll said.
"It's become increasingly difficult to never mind grow our business, but to serve the clients we currently have" at the Cordaville Road branch. "Use has declined significantly, and is down about 33 percent year-over-year."
Carroll said AllCom got the branch inside the NStar building as part of its 2001 merger with the Commonwealth Gas Employees Credit Union. He said AllCom has "shared branching" agreements with several area credit unions that will allow the few remaining customers of the Cordaville AllCom branch to use nearby Digital Federal Credit Union and RTN Credit Union branches.
The division of banks' comment period on the application for closure ends Aug. 14.
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