Indianas Troubled Independent FCU Shutters Two Branches
ANDERSON, Ind. – Independent FCU, which reported big losses each of the past two years, announced yesterday it is closing two branches and cutting 12 part-time employees next week.
The action comes after months of scrutinizing its assets in an attempt to continue to maintain a stable investing environment for its membership by cutting overhead expenses as well as cutting staff positions, the credit union said.
The $81 million credit union had a loss of $2.4 million for 2009 and a loss of $1.2 million for 2010, as its net worth ratio slid to just $3.6%.