Business is booming for North Shore Federal Credit Union.
The Silver Bay-based financial institution, which opened its Two Harbors location less than two years ago, plans to open a new location in Duluth, expanding its footprint to include all of the North Shore.
NSFCU has six branches from Grand Marais to Two Harbors. The seventh will open in June in the first floor of the Endi apartment building at 21st Street and London Road in Duluth.
NSFCU President Mark Summers said a number of different factors were considered when making the decision to open a Duluth branch, one of which is the performance of the newest location in Two Harbors. That branch is two years ahead of the revenue projections made just before it opened and is reflective of the steady growth at NSFCU Summers has seen since he first began working there 26 years ago.
"We try to be pretty prudent because opening a new branch is a big financial commitment," Summers said. "We want to be good stewards of our members' credit union. The Two Harbors branch is doing so fantastically it really allowed us to speed up the time schedule, both from the financial part of it, but also how well we've been received. It gives us a strong indicator that we could be successful in the Duluth area as well."
Another reason for the move was the availability of some prime real estate at a high traffic area in Duluth. The Endi building opened in 2017 and had just one unit of retail space on the ground floor left to lease and Summers said the availability of space in a high traffic area, an area that offers access to downtown Duluth and the mall area as well as both the University of Minnesota Duluth and the College of St. Scholastica, factored into the decision.