RALEIGH, N.C. – Coastal FCU, which reported an 84% decline in net income for 2008, announced yesterday it is closing four underperforming branches by the end of the first quarter.
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The branches are in the North Carolina communities of Sanford, Southern Pines, Clayton and Durham. All four branches are recent additions for the $2.1 billion credit union. The oldest of the four is the location in Durham, which opened in late 2003.
The credit union said it plans to focus now on its core operations in the three core counties and still plans to open as many as five new branches starting in 2010.
Coastal, a former IBM employees credit union, reported net income of $2.2 million for 2008, down from $13.5 million for 2007.
