Spokane-based PrimeSource Credit Union is planning to open its third branch this summer in an 11,400-square-foot building at 9208 E. Sprague in Spokane Valley, says CEO Margaret Burkholz. 

PrimeSource purchased the building, which sits at the corner of E. Sprague Avenue and S. Dishman-Mica Road and was formerly housed a branch of Minneapolis, Minn.-based U.S. Bank, for $1.75 million, according to the Spokane County Assessor’s website.  

“We have been listening to our members and they’ve been asking for a facility out in the Valley,” Burkholz says. “We’ve also been doing strategic planning sessions and felt that we’re making money, and we figured we’d give back to our members and give them what they’re asking for.”

Burkholz says the building will be undergoing a full renovation. Vandervert Construction Inc., of Spokane, is the contractor on the project. The credit union expects to spend under $300,000 for the building remodel, she says. 

The branch will be full service, Burkholz says, and will have a 24-hour automated teller machine, two-lane drive-through, and a drive-through night deposit. 

The new branch will attract new members, Burkholz contends, as well as provide access to existing members and for credit union shared branching. 

“We have been looking (at opening a new branch) for the last few years, felt it was great for our members,” she says. “And also with the traffic flow, we felt like it would generate new membership.”

PrimeSource, which has 22 employees now and will add several more when the new branch opens, is headquartered at 9707 N. Nevada, Burkholz says. Its other branch, located at 428 E. Third east of downtown Spokane, opened in 1978. 

PrimeSource, which is a member-owned, nonprofit financial organization, changed its name from Telco Credit Union eight years ago and will be celebrating its 80th anniversary this month. 

Annette Babb, vice president of operations for the credit union, says it had total assets of about $62 million at the end of last year, up from about $53 million a year earlier. 

PrimeSource had 6,323 members at the end of 2014, versus 5,554 at the end of 2013. 

The credit union purchased the building on East Sprague Avenue from RAR Holdings LLC, according to a notice issued by Spokane-based Kiemle & Hagood Co. Colin Conway, of Kiemle & Hagood, represented the seller in the transaction, and Dan Cantu, of Spokane-based Cantu Commercial Properties, represented PrimeSource.