PASADENA, Calif. – Wescom Central CU, still struggling with the southern California recession, announced plans yesterday to shutter another eight branches.
The planned closings come after the $3 billion credit union has shut 19 branches over the past two years, and will reduce its branch network to 29 from 56 outlets in 2007.
The one-time $3.8 billion credit union has been one of the hardest-hit from the economic downturn in the region, with losses of $63 million in 2008 and $67 million for the first three quarters of 2009.
"While never easy, we believe discontinuing branch operations in some locations will contribute significantly to our long-term financial strategy,” Darren Williams, Wescom president, said in a statement released by the credit union.
The Wescom plans come amid several other credit union retrenchments announced this week, including the closure of eight branches by Arizona FCU and lay-offs and a branch closure by Elevations CU in Boulder CU.
