MARLBOROUGH, Mass. – Digital FCU, New England’s largest credit union, announced it has cut almost 30 employees, amid a 9% decline in net income for 2008.
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The layoffs, most of them in Massachusetts, occurred late last week and this week, said a Digital FCU spokesman. No further layoffs are expected.
The affected employees are receiving severance packages and assistance finding new jobs. The company is buying back their unused vacation hours, and they are eligible for unemployment benefits and extended health insurance coverage through the COBRA program.
The $4.5 billion credit union, which has 19 branches, 17 of them in Massachusetts and New Hampshire, reported net income of $20.4 million last year, down from $22.3 million in 2007.
