PASADENA, Calif. – Wescom Credit Union said its recent closure of 11 branches likely will result in approximately 80 positions being eliminated.
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The $3.6-billion CU will continue to operate 44 branches. Wescom has been caught up in the economic downturn in Southern California. At midyear it reported a loss of $10.9 million, after posting a $35-million loss in 2007.
The CU has a 1.97% delinquency ratio, which is significantly higher than its peer group. Mid-year data showed members were at least two months late on payments on $58.6 million in loans, up from $47.9 million at March 31 and $24.3 million one year earlier.
