BAKERSFIELD, Calif. – Kern Schools FCU said it plans to close four of its 14 branches and lay off 40 employees as part of a plan to trim its budget by $7 million.
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The closures and layoffs are expected to reduce the credit union's expenses by about $2 million a year. Credit unions officials said they hope to save an additional $5 million this year by carefully reviewing Kern Schools' various contracts and leases.
The one-time $1.7 billion credit union lost $40.6 million in 2009, after a $24.3 million loss in 2008.
Branches expected to close within two weeks are in Ridgecrest and in Bakersfield, as well as two supermarket-based branches.
