LA HABRA, Calif. – American First CU announced a restructuring and the lay off of 12 employees in the face of a $5 million fourth-quarter loss, and losses of $5.1 million for the year.
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The $670 million credit union is the latest California credit union to announce lay offs amid losses, following USA FCU, the San Diego credit union which lost $5.7 million last year and eliminated 30 positions in the third quarter, and Wescom CU, in Pasadena, which laid off 110 employees in the face of a $33 million loss for 2007.
In announcing the lay offs, Bob Street, president of American First CU, said the restructuring will enable the credit union to continue to provide a “high value of products and services,” while reducing operating expenses.
