CPM credit union closing 3 branches, including 1 in North Charleston

CPM Federal Credit Union dates back to 1955. It is paring back its branch network to cut operating costs. (Staff/File)

CPM Federal Credit Union is shutting three branches next month, including one near its North Charleston headquarters, to cut costs.

The closings take effect June 7, the lender announced this week. The restructuring was based on the findings of an “extensive analysis” over the past year, according to statement on CPM’s website.

“In order to ensure long-term success for our members and to continue to improve our financial position, we must make tough decisions in order to reduce operating expenses,” the North Charleston-based credit union said in the statement.

The local branch to be closed is at 1078 E. Montague Ave., near CPM’s main office at 1066 E. Montague. The others are in Easley and Greenville.

The closings will leave CPM with 11 retail offices, including one each on Remount Road in North Charleston and on North Main Street in Summerville. The others are in Beaufort, Greenville, Greer, Orangeburg, Port Royal, St. Matthews Simpsonville and Spartanburg.

It previously closed an office at 2000 Sam Rittenberg Blvd. in Charleston.

CPM also said it is cutting its operating hours in St. Matthews, though it did not specify the new times.

CPM Federal was started in 1955 in a shed on the grounds of the former Westvaco paper mill in North Charleston to provide workers with a place to save and borrow at affordable rates. It began expanding outside the region in the 1980s

Sign up for our new business newsletter

We're starting a weekly newsletter about the business stories that are shaping Charleston and South Carolina. Get ahead with us - it's free.

The 65,000-member credit union has been under new management since December, when Jane E. Dobbs was named interim CEO.

Contact John McDermott at 937-5572.