Ailing Altura CU To Close Four More Branches
RIVERSIDE, Calif. – Altura CU, struggling with a $5.8 million loss last year, announced Friday it is shuttering four branches and laying off 26 employees, 11% of its workforce.
The branch closings come after the $720 million credit union revised its 2010 losses from $2.8 million originally reported, and a $20.1 million loss for 2009.
Altura, which closed four branches the year before, plans to shutter branches in Temecula, Murrieta, Riverside and a facility inside the Moreno Valley Wal-Mart Supercenter. The Riverside, Murrieta and Temecula branches will be replaced by ATMs. The closing will save the one-time $1 billion credit union about $1 million a year.
Employees losing their jobs will receive severance packages along with access to outplacement services and loan modification packages, the credit union said.
These latest closures will bring the number of Altura branches eight, half of the pre-recession number. The credit union had previously shuttered offices in Hemet, Coachella, San Jacinto and Corona.