The restructuring was announced in early February, with chief executive Tania Dickie yesterday confirming the lob losses and branch closures. These would be completed by mid-April.
''Wherever possible we will try to find positions for staff in new customer services roles being created in Dunedin, Christchurch and Invercargill,'' she said in a statement yesterday.
The credit union employed 95 staff before the restructuring.
Credit Union South will close its branches in Greymouth, Timaru, Oamaru and Gore by the end of the month.
It will also quit its money coaching service and lose some customer service roles in Dunedin and Nelson and consolidate its two Christchurch branches into one.
However, eight new customer or sales roles would be created in Dunedin, Christchurch and Invercargill, she said.
The company also hoped to retain the Richmond branch rather than move to the Nelson site, which had been proposed during consultation, Ms Dickie said.
ATMs would continue to operate in Greymouth, Hornby, Timaru, Oamaru and Gore.
Trading as NZCU South, the co-operative is entirely New Zealand-owned and is the third largest credit union in the country, with 20,000 members.
Customer trends showed just one member per hour, per staff member, went into the credit union's branch network and in the previous year about 200,000 online banking transactions were made, either by internet, mobile banking or telephone banking.
