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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).


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