Losses Force More Layoffs At Kern Schools FCU

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BAKERSFIELD, Calif. – Kern Schools FCU, which closed four branches and laid off 40 employees in February, let go another seven workers Friday, including one vice president, as losses continued in the first half of the year.

The one-time $1.8 billion credit union, now $1.4 billion, had a first half loss of $16 million, after losses of $40.6 million for 2009 and $24.3 million for 2008.

Each of the layoffs came with a severance package.

The credit union now operates 10 branches and employs 460.

 

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