COQUILLE — Community members gathered in downtown Coquille on Wednesday to celebrate First Community Credit Union’s plans for expansion this fall.
Officials from the credit union, located on 200 North Adams St., presented residents with blueprints of its new additions, which includes over 16,000 square feet of new ground.
Ground is broken Wednesday to celebrate the future expansion of the First Community Credit Union building in Coquille.
President/CEO David Elmer said the plans for expansion have been in the works for quite some time as a way to better address its growing headquarters’ needs.
“We’ve had some significant changes over the years,” Elmer said. “Since 2006, our assets have grown from $270 million to over $1.1 billion, our membership from 25,000 to 77,500 members as well as our total employees to nearly 300.”
In order to keep up with demand, the not-for-profit financial institution will be adding onto its building to help support a new upgraded data center, increased office spaces, new drive-up teller windows and added parking and storage space.
“We work a lot with families, individuals and small businesses around Oregon,” Elmer said. "We want to be able to grow and meet their expectations by improving our headquarters and our core banking system.”
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The new addition will connect with the existing building on the third floor and feature up to 14-foot drive-up tunnels. According to Elmer, construction will begin next week with crews beginning foundation work on the west side of the building.
The construction of the new addition is expected to be completed around November 2019, and overall refitting and improvements of its current structure sometime in 2020.
Elmer said the refitting will include bringing its structure up to safety codes and outlaying the building to help meet compliance and risk management needs. The credit union purchased the old Steve Tucker Superstore on 325 North Adams St. to house its new parking lot and storage room.
Demolition will begin there in about two weeks of the former appliance store, which would be used temporarily for spacing and parking for construction crews.
Elmer said the overall cost for the new expansion is estimated to be about $10 million. The plans have been made to meet the credit union’s needs for the next 10 to 15 years. The credit union, which was founded in 1957, currently services 28 branches across Oregon.
“We want to continue to grow our legacy here and support our roots in Coos County,” Elmer said. “We are focused on improving the financial well-being of our members and the way we do business.”