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Harbor CU closes Algoma branch
GREEN BAY, Wis. (5/25/11)--Harbor CU has closed its Algoma, Wis. branch. A rise in loan delinquencies related to the current economic climate was the reason behind the closing, Michael DeGrand, president/CEO of the $105 million-asset Green Bay, Wis.-based credit union told the Door County Advocate May 23). After a management review, the credit union’s only options for cutting expenses were staff layoffs or branch consolidation, De Grand said. Harbor CU remains well capitalized, he added. The credit union’s presence in Algoma dates back to 1986 after a merger with Kewaunee County Community CU. Harbor has branches in five Wisconsin cities.


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