SAN DIMAS, Calif. – WesCorp FCU, struggling under a massive $7.6 billion loss for 2008, is looking at closing some of its branch item processing facilities as part of a major cost-cutting.
NCUA, which has been running the $24 billion corporate credit union under conservatorship since March 20, reported Friday that WesCorp will be consolidating its branch processing facilities between December and next June as leases expire in San Leandro, Calif., Seattle and Spokane, Wash. and Salt Lake City.
As these consolidations occur WesCorp will continue to provide paper check collection processing for those members who have not converted to imaging.
WesCorp’s conservatorship board met last week to hold its monthly meeting and will be meeting again on June 25. WesCorp has been holding a series of meeting in recent weeks to discuss the financial condition and the future of the troubled corporate and will be holding the next town hall meetings in Honolulu on June 9 and Portland on June 23.
