Island Savings Credit Union is pulling up roots inside Mayfair Shopping Centre and taking a few steps outside to a larger location once home to the Macaroni Grill.
The credit union, which has been in its current 5,500-square-foot site inside the mall for almost two decades, increases its footprint to 7,700 square feet in the stand-alone building.
Island Savings will be operating out of the location in November after the space is converted from an Italian-themed building. Its new look will be “contemporary, locally inspired,” a credit union statement said.
“The timing and circumstances for Mayfair's relocation came together perfectly,” said Rod Dewar, Island Savings president and chief executive officer. The credit union’s lease at its current operation, with more than 12,850 members, is up for renewal in 2014.
“Over the next few years, all of our branches will be updated to provide a unified and customized experience for our members. Every detail — from the design elements to the upgraded technologies — has been carefully chosen to support our commitment to remarkable service,” Dewar said in a statement.
The brick building was home to the Macaroni Grill for 17 years. In 2011, the Spectra Hospitality Group, which held the Macaroni Grill franchise, renamed the eatery as Luca’s Cucina and Taphouse. The 370-seat restaurant, one of the largest in the region, closed in February 2012.
Duncan-based Island Savings, founded in 1951, expects to have 16 branches from Victoria to Nanaimo, including Saltspring Island and Pender Island.
In Greater Victoria, Island Savings has locations downtown, Tuscany Village in Saanich, Brentwood Bay and Langford. Its Jubilee location is expected to be ready this spring in the former Blockbuster Video location at Fort Street and Foul Bay Road.
The credit union has $2.8 billion in assets under administration. Between 2012 and 2015, it will be spending $15 million to expand its network of branches and improve its technological systems.