City of Memphis Credit Union leaves Raleigh

MEMPHIS, Tenn. (AP) -- The CEO of the City of Memphis Credit Union says crime and isolation are reasons why it moved out of Raleigh, a large but struggling Memphis neighborhood.

The Commercial Appeal reports that a City Council committee questioned credit union CEO Ken Swann about why the Raleigh branch was moved just a mile to the suburb of Bartlett, which lies outside the city of Memphis.

Swann says the credit union needed to be closer to some of its 25,000 members, but he also mentioned the crime and isolation in Raleigh, where many strip malls lay mostly vacant and predatory lenders are prevalent.

Swann says burglars once attempted to steal the credit union's ATM and jack-hammered around the night deposit box.

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