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Identifying a Physical Location

Identifying a Physical Location

Each credit union must have at least one physical location, including PFCUs that are anticipating most transactions via the internet, kiosks, or other electronic means. The organizing group should determine an anticipated location of the main office and any other physical branch locations to be open at inception. If the exact addresses are not known, provide the city and state.

Identify the location and cost of the PFCU’s office and describe why this location was selected. A draft copy of a purchase, lease, or rental agreement should be reviewed by an attorney representing the PFCU’s interest. Submit a copy of the draft agreement and attorney review to the NCUA. If a specific location has not yet been determined, identify the planned location and the cost of space in the area, supported by written estimates for at least three locations.

A specific location will need to be determined prior to a PFCU finalizing its charter application and the NCUA acting on it. The NCUA highly recommends the establishment of only one facility until the credit union has gained experience in how to efficiently operate this facility prior to the establishment of branch offices.

Also include in this section any planned leasehold improvements, need for office equipment and supplies, safeguarding of assets (such as security equipment and plans), insurance coverage, utility costs, and incorporate these expenses into the pro forma financial statements.

Additionally, state the proposed hours the office will be open to members to transact business.

Documentation Required for the Identified Location

  • Document the PFCU’s anticipated physical address of its main office and any branches to be opened at inception, in the business plan.
  • Provide a draft copy of a lease agreement or other commitment documents as applicable.


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