Altura Credit Union in Riverside, Calif., which reported a 2010 loss of $5.8 million, said Friday that it is closing four branches and laying off 26 employees, or 11% of its work force.
The closings come after the $720 million-asset credit union revised its 2010 losses from an originally reported $2.8 million. It reported a 2009 loss of $20.1 million.
The credit union, which closed four branches last year, plans to replace three of its shuttered branches with automated teller machines.
Altura said the closings are expected to save it about $1 million a year.
