RIVERSIDE, Calif. – In its latest concession to the region’s economy, Altura CU said it will close its Coachella branch and lay off the six employees there on March 24.
The $860 million credit union had planned to close the branch last year but acceded to pleas from the town fathers to reconsider the decision. However, continued problems with the local economy and the credit union convinced Altura, which lost $10 million last year and almost $14 million in 2008, to shutter the facility.
Altura closed its San Jacinto branch last May and converted another branch in Corona to an electronic-only ATM location as part of a cost-cutting effort. The Coachella branch had been scheduled to close last May as part of that.
Altura member accounts will be moved to the Indio branch – the closest to Coachella.
