Cheney Federal Credit Union has started construction on its second branch, which will be located at the south corner of Westbow Boulevard and Aero Road, near the Interstate 90-Medical Lake interchange, says JoAn Sanders, CEO of the credit union.The 2,700-square-foot Westbow branch will be the second for the CFCU, which is based at 520 First in Cheney.
Sanders says the new branch will have a drive-thru window and two ATMs.
CFCU currently has 12 employees and will hire four additional people to open the Westbow branch.
The new branch is expected to be completed in September, Sanders says.
Baker Construction & Development Inc., of Spokane, is the contractor on the project, and Mercier Architecture & Planning, also of Spokane, designed it.
CFCU, which was founded in 1951, had about 5,050 members as of Dec. 31.
Sanders says CFCU’s membership has grown by about 17 percent since it expanded membership eligibility in April 2013 to include anyone who lives works, worships, or attends school within the boundaries of the Cheney and Medical Lake school districts.
The original charter didn’t include the Medical Lake school district, which serves the city of Airway Heights.
The most recently available report to the National Credit Union Administration, shows CFCU had total assets of $92.7 million as of Dec. 31, up from $88 million a year earlier. The report also shows CFCU’s loans totaled $38.5 million and deposits totaled $81.8 million, both up, respectively, from $33.8 million and $77.9 million a year earlier.