RIVERSIDE, Calif. – Altura CU, in the midst of a financial turnaround, is reopening a branch in Murrieta, one of four closed last year to help the troubled credit union slash expenses.
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The Murrieta branch will reopen April 18 and will have a staff of eight. The branch was one of four closures announced last May to reduce the credit union’s staff by an estimated 11%, or about 26 positions, and was expected to reduce expenses by as much as $1 million a year. Others were in Temecula, Riverside and Moreno Valley.
The $645-million credit union, which reported losses of $20.1 million in 2009 and $5.8 million in 2009, rebounded last year with a net of $8.4 million, one of several big California credit unions to celebrate a turnaround.
