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A former downtown restaurant space just off Monument Circle that has been vacant since 2020 will soon find new life as an Indiana Members Credit Union branch.
Workers are remodeling the 2,725-square-foot space at the corner of Pennsylvania and Market streets, and the credit union expects to open for business there by August.
The 50 N. Pennsylvania St. location will serve as Indiana Members Credit Union’s new downtown branch after the credit union relocated from its existing downtown branch at 136 N. Delaware St.
“Our lease was up and this was an opportunity to move to a location with higher visibility and more foot traffic that would be even more convenient for our members,” credit union CEO John Newett said via email.
The Pennsylvania Street spot has been vacant since Dick’s Bodacious Bar-B-Q closed in September 2020 after operating in that location for 15 years. The downtown restaurant was the last of 10 Dick’s Bodacious Bar-B-Q locations that had once operated in central Indiana under various owners. The very first Dick’s restaurant was opened by Richard Allen in Noblesville in 2001.
The downtown spot is one of two new branches that Indiana Members Credit Union plans to open this summer. The organization is also working to open a 5,005-square-foot location by July at 7040 W. 10th St.
This site is adjacent to its existing branch at 7110 W. 10th St. After the new branch office is complete, Indiana Members Credit Union plans to repurpose the 7110 building for administrative use.
“Building the additional structure allowed us to upgrade the location to our current branch model and limit any disruption to member access at the west-side location,” Newett said. “The existing building will be transformed into much needed back-office space to support IMCU’s continued growth.”
Established in 1956 by employees of Indiana University Medical Center and originally operating as Indiana University Medical Center Federal Credit Union, Indianapolis-based IMCU has grown to be central Indiana’s largest credit union.
According to IBJ’s 2022 list of largest local credit unions, IMCU topped the list with $2.7 billion in Indianapolis-area assets and $3 billion in assets throughout its operating footprint as of 2021. Indianapolis-based Teachers Credit Union is the state’s largest credit union overall, with $4.5 billion in total assets, with $911 million in the Indianapolis area.
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Just what we need, another bank…
Agreed with VK. Downtown does not need more bank branches. I’m glad its getting rented but it just seems very short sited. Part of the reason Monument Circle is so uninviting is because its full of offices, banks, and stuff that regular people don’t need.
This reminds me of the shortsightedness of when we built the new courthouse and jail…
they started planning to backfill it 2 years after they created a massive hole downtown
I agree with the previous 3 comments…
Downtown (and especially Monument Circle) needs to be more than bank branches.
Gee whiz, aren’t bankers people, too?
There is a place for banks, but maybe not all street corners and Monument Circle.
Being open restricted hours, maybe 5 days a week, does not help revitalize our downtown.
We need to attract restaurants and retail back into the CBD