SAN DIEGO – USA FCU, which reported a third quarter loss of more than $1.1 million, last week said it laid off 30 employees, about 10% of its workforce.
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Officials with the $700 million credit union said the losses were attributable to rising delinquencies, as members who took out subprime mortgages elsewhere were reporting difficulty repaying their credit union loans.
USA FCU management said the credit union moved $5.5 million to its allowance for loan losses and plans to move another $4 million into the reserves in the fourth quarter.
