Altura CU Closes Branch

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RIVERSIDE, Calif. – Altura Credit Union is closing one of its two branches in Hemet, Calif., Credit Union Journal has learned.

Mark Hawkins, president and CEO of the $832 million credit union, said it has two branches in the desert city and will be closing what it refers to as its “East Hemet” location.

“We are making what we think will be our final branch closing,” Hawkins said. “The announcement has been made to our staff and we are getting word out to members. We have been at this location for 10 or 11 years and the lease was expiring. The two locations are a little less than three miles apart.”

In March, Altura CU closed a branch in Coachella, Calif. Last year it closed a branch in San Jacinto, which is just a few miles from Hemet, and converted a branch in Corona to an ATM- only location.

Altura’s net income for the year through September was a loss of $5.7 million, including $1.8 million in NCUA charges. Its net worth ratio was 5.38% as of the end of September.

 

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