Instead of closing five branches in the South Island with the loss of 17 jobs, NZCU South will close four, and keep one in Christchurch open.
Proposed job losses will reduce from 17 to 11 - five full-time and six part-time positions.
In a shock announcement a month ago, NZCU said the 22-year-old branch in Lawrence and those in Hokitika and Westport would close, as each serviced fewer than 700 NZCU South customers, and two branches were to be consolidated into one in both Christchurch and Invercargill.
NZCU said a declining loan book and static membership in the Dunedin-headquartered credit union had prompted the closures, with the likelihood of 17 redundancies.
In response to questions, NZCU chief executive Andrew Leys said yesterday the branches in Lawrence, Hokitika and Invercargill would close today as planned.
The closure of the Westport branch had still not been determined because there was an AA agency to be handed over to a new operator.
He said the number of redundancies was reduced from 17 to 11, on the basis of four jobs staying in Christchurch and the balance being the loss of part-time positions.
Because of the closures, voluntary redundancies could not be considered, Mr Leys said.
He said the cost to NZCU of the combined redundancies and restructuring was not known yet, but would be "a lot less" than $1 million.
Membership for NZCU is about 24,000 year on year, but the number of loans had declined by 10% and in general were smaller.
The total book value was down about 13%.
