RICHMOND, Va. – Officials with tiny Alcoa Richmond CU say the planned mass lay-offs at its corporate sponsor announced this week will probably mean the demise of the 47-year-old credit union.
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The credit union, which as seen membership slide to 400 from 1,100, and its assets to $2.4 million from $3.8 million, is seeking to merge with Virginia CU.
Metals giant Alcoa announced Tuesday it plans to lay-off as many as 15,000 employees because of the worldwide economic slump.
Alcoa Richmond CU serves only Alcoa Employees, and Richmond's Alcoa plant, which is expected to close entirely this year.
