MAX Credit Union coming to Chantilly Parkway
MAX Credit Union is once again outgrowing its corporate headquarters campus and executives are looking at moving some departments to a future branch on Chantilly Parkway.
That is an on-going conversation, but the credit union, which is headquartered at Eastdale Mall, has grown to 305 full-time employees and another 18 part-time employees.
The Chantilly Parkway branch, which would be the firm’s ninth in Montgomery, is still in the design stage, according to MAX President and CEO Greg McClellan, and may not be completed until near the end of the year.
He said that MAX has owned a three-acre parcel on Chantilly Parkway near Walmart for more than 10 years. “It’s become the time for us now to expand our branch system out there,” he said. “A lot of members of the credit union – a lot of our customers – are moving out that way. We knew that Montgomery is growing that way and of course there’s the growth in Pike Road,” McClellan said about the factors for opening a branch there.
The credit union’s 16th branch is scheduled to open a week before Thanksgiving in Troy on Highway 231 after a groundbreaking was held in mid-May. It will be a 3,500-square-foot, full-service branch with six employees, McClellan said. He said that branches are getting smaller “because of the electronic usage, mobile banking and so forth that most of the people are using for their financial (dealings).”
The Troy branch will be near the $10 million Publix-anchored Park Place development, which also features 15,400 square feet of retail space and outparcels. There are plans for development behind the Publix project, according to McClellan. The City of Troy is also investing $8 million to $10 million on two connector roads seen as economic development catalysts. |
Right now, MAX is focused on the new branches in Troy and Chantilly Parkway in East Montgomery. There could be some future expansion in Lee County that currently has two branches. “It just depends on what the future brings,” McClellan said when asked about other areas MAX is looking at.
He does forecast a surge in the firm’s assets from the current $1.2 billion to close to $2 billion in five years.
“We knew we had to diversify what we offered to the community,” McClellan said. “We kept getting a lot of requests. We offer the general consumer-type deposits, loans, products and services.
“We’ve added business lending, which has been going on for 10 to 12 years. We’ve got some great people in that area. Most recently we increased our wealth management (department). We added very good people there. There’s just a growing need for that – we get a lot of requests.”
MAX gained 8,227 new customers in 2015 vs. 7,658 in 2014 and issued 12,519 loans in 2015 compared with 11,208 in 2014. The credit union’s loans grew from $275.4 million in 2014 to $337.5 million last year while revenue increased from $51.2 million in 2014 to $52.9 million in 2015.
