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UT Federal Credit Union closing

UT Federal Credit Union in Renaissance | Farragut is closing its doors.

“A lot of banks and credit unions have had to make difficult decisions because of the economy,” UTFCU spokesman Malinda Wood said.

The credit union’s Renaissance location will close Jan. 31.

“It was a very difficult decision to decide to close this branch. We weighed it against a lot of other options, and it’s basically part of a strategic plan to realign operations to ensure our credit union remains as efficient and effective as possible,” Wood said.

“You can never predict what the economy is going to do to affect your business. Unfortunately our economy wasn’t very helpful to us in this situation,” she added.

Wood said if the economy turns around, UTFCU could look at expanding its branches. Not counting the Farragut branch, UTFCU has five locations in the Greater Knoxville area.

“It was a hard choice, but this is the one we needed to close,” Wood said.

According to Wood, customers had been notified of the closure and still could bank at UTFCU’s Franklin Square location.

“We don’t want to leave anyone without the opportunity to transfer to our west branch ... it’s only six miles away,” she said.

UT Federal Credit Union employees at the Renaissance location won’t be moved to another location, Wood said, since the Credit Union didn’t have openings. The Renaissance staff members had been given severance packages and the opportunity to work with a placement agency.

“They’re great people. These are really fine employees,” Wood said of UTFCU’s Farragut employees.

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