Membership at the Virginia credit union has grown rapidly in recent years, including an 11% spurt in the first half of this year, thanks to a charter switch, heavy marketing spending and generous deposit rates.
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The decision to close the Donabate premises and sell it has generated cross-party anger in the area, which is set to triple in size to a population of 20,000 in the next few years.
Asked why it was closing the branches, chief executive of Progressive Sean Staunton said: “The closure decisions were made to address the challenges which Progressive Credit Union faces in bringing its cost base into line with current income sources, mainly loan interest, which has been dramatically impacted by Covid-19 and are likely to remain low for an extended period.”
The Donabate premises is in a prime location on large site, while the Clontarf premises is in area renowned for high property prices.