By David Fleet

Editor of The Citizen

GOODRICH – The Oxford Bank branch, 8125 State Road, has closed as of Jan. 31 and was sold to another financial institution.

The Burton-based ELGA Credit Union purchased the 2,800-square-foot retail banking facility, which opened in January 2005 as Oxford Bank’s seventh full service branch.

“In hindsight the Goodrich location was one too many branches on the M-15 corridor,” said David Lamb, CEO of Oxford Bank Corp.

“Oxford Bank has a location in Davison, Ortonville and Clarkston, it was just not on the right route. In addition, when Oxford Bank had some financial issues in 2009 the hours at the branch were limited. Although the hours in 2013 were increased, we kind of dug a hole for that location. People did not come back there even though our financial situation is excellent now.”

ELGA Credit Union, established in 1951, plans to reopen the building in June as its ninth branch. It will employ four people and have an interactive drive-through window. All of ELGA’s branches are located in Genesee and Lapeer counties.

The staff from Oxford Bank’s Goodrich location will be transferred to the Ortonville and Davison branches.

“There will be no lay-offs,” he said. “The decision to close is not financial – we could keep this branch open if we needed to. Rather, it’s a matter of using our resources in other branches.”

The branch included five internal teller windows, management offices, a conference room, drive-through teller lanes and automated teller machines. The bank’s lobby featured a customer service workstation and a wall-mounted waterfall.

“The online and mobile devices have reduced the number of customers that go to branches,” Lamb added.

“However, our customers need a physical presence in our communities if they need to go inside a bank.”

No other branch closures were announced. Oxford Bank has offices in Clarkston, Davison, Dryden, Lake Orion, Oakland Township Ortonville and Oxford.