Adelaide-based credit union Savings & Loans continues a selective expansion outside its home territory, with plans to open three new branches later this year in eastern Melbourne. S&L last month disclosed plans to open in four new locations in regional Victoria and the Northern Territory.Chief executive Greg Connor said the east Melbourne expansion had been planned for six to 12 months to spread risk through geographical diversification, with conservative projections calculating a branch break even within three years, and a moderate level of profit within five."Our aim is to locate an area where people value our values, and continue to grow the branch network. "Then greater value to our members will be added by the continued growth through increased profits, which we can then put back into the business to pay for further expansion." The new eastern Melbourne branch locations will be in Glen Waverly, Chirnside Park and Wantirna South shopping centres.Savings & Loans is Australia's third largest credit union ranked by total assets under management, which are now close to $2.5 billion.