Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Kern Schools FCU to close fifth branch
BAKERSFIELD, Calif. (9/14/10)--Kern Schools FCU, based in Bakersfield, Calif., announced Friday plans to close its Delano, Calif., branch Oct. 6--which would be its fifth branch closure. All but three of the Delano branch’s 15 employees have been placed elsewhere within the credit union, said Steve Renock, Kern Schools president/CEO (The Bakersfield Californian Sept. 4). The closure is anticipated to save the credit union $700,000 annually in facility costs alone, Renock told the newspaper. “In these tough times, you have to make very difficult choices,” he added. Kern Schools closed four of its branches and laid off 40 employees in March. In January, the $1.47 billion-asset credit union announced it lost $40 million in 2009 from borrowers who had difficulties paying their auto loans and mortgage payments as the recession intensified (News Now Feb 25). On Aug. 16, the credit union laid off seven employees in a cost-cutting move (News Now Aug. 24).


RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
3 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
4 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
6 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
7 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
8 hours ago