Envision Financial announced Tuesday its Yarrow branch will not be reopening.
The Yarrow branch closed in March on a temporary basis due to the pandemic, but now that closure has become permanent.
“Our members are increasingly handling their banking online or through our Member Advice Centre, which means their branch visits are more for advice-driven conversations,” said Dave Lanphear, Envision Financial president.
That “behavioural shift” to online banking intensified during the pandemic, and as a result, Envision is consolidating its branch network, investing in technology and creating new front-line roles to meet the needs of members.
“We very much appreciate the flexibility of our Yarrow members over the last six months while the branch has been closed,” says Lanphear. “Envision Financial remains committed to the co-operative principle of returning profits to its communities, supporting members and local organizations in the area.”
Several Yarrow branch employees have transitioned to other Envision positions, he added.
At least one Envision member is upset by the decision.
“I just found out Envision plans to close their Yarrow branch, which is devastating for our little town,” wrote Dorothy Henneveld of Yarrow.
Envision Financial has three other locations in Chilliwack, including the Garrison Village branch, its Sardis branch, and its Chilliwack branch on Cheam Avenue. Members of the Yarrow branch will also have access to the Envision Financial Member Advice Centre and digital banking platforms.
At the same time as the closure was announced, Envision Financial also announced a $25,000 donation to the Yarrow Library to support the vital work as a hub within the community. This donation brings its total investment in the Yarrow and Chilliwack communities to $687,674 since 2010.
Envision Financial remains a leading employer in Lower Mainland and Fraser Valley with more than 600 employees.
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