CAPITOLA, Calif. – Bay FCU, which reported a $3.5 million loss for 2008 last week, said yesterday it has reduced its workforce by 13%, about 30 employees, the latest casualties of the state’s growing credit union crisis.
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The cutbacks, which included closing one branch, in Salinas, leaves the $660 million credit union with 189 employees.
The lay-offs follow last week’s announcement by Wescom Central CU that it is closing two branches and reducing its workforce by 175 employees amid a $50.2 million loss for 2008. In recent months other troubled California credit unions have cut workers to help reduce costs, including Kinecta FCU and North Island Financial CU.
