GTE FCU To Shrink Some More With Five Branch Closings

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TAMPA, Fla. – GTE FCU, fighting off big losses for 2008 and 2009, announced yesterday it is closing another five branches, after shuttering three branches last year.

Following the branch closing, GTE will have 23 full-service branches.

The one-time $2.2 billion credit union lost $27.4 million in 2008 and $44.9 million in 2009. It would have broken into the black for the first half of 2010 to the tune of $517,000 if it weren’t for a $5.3 million charge for NCUA’s corporate credit union bailout, creating a $4.8 million first-half loss.

Over the past three years the credit union has shed almost $700 million in assets, having the effect of boosting its net worth, now on $1.5 billion of assets, to 6.6%.

Under the plan, to take effect Oct. 1, the Bradenton branch will consolidate into the Sarasota facility, the North Lakeland branch will consolidate into South Lakeland, and the North Ocala branch will consolidate into Ocala 200. The Ruskin and Winter Haven branches will close.

 

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