APPLETON, Wis. – Prospera CU, a pioneer in credit union payday loans, yesterday said it is closing one full-service branch and two of its GoodMoney payday loan sites inside Goodwill stores as part of a restructuring.
A total of six positions will be eliminated as a result of the closures.
The credit union said it will continue to offer its GoodMoney services at its remaining locations. The payday lending alternative, which also provides users with financial educational and counseling services, was launched in 2006.
In a statement, the credit union said the move is not based on economics but that trends within the industry show a preference toward automated and electronic branch services.
The $147 million credit union reported a $334,000 loss for 2008 and a loss of $1.3 million for 2009, including a $925,000 charge for the corporate credit union bailout.
