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CU System
The Golden 1 announces 25 layoffs at headquarters
SACRAMENTO, Calif. (5/18/09)--The Golden 1 CU, Sacramento, announced Thursday that it has reduced its headquarters staff by 25 full-time back-office positions in response to weak local and national economic conditions. The layoffs represent 1.7% of the credit union’s total work force, Teresa Halleck, The Golden 1 CU president/CEO, told News Now. The credit union has had a 7% total reduction in work force with attrition. “These are difficult times that call for difficult decisions,” Halleck said. “Our hearts go out to those affected by these changes.” The Golden 1 CU does not have plans for more layoffs. “We’ll see what happens the rest of the year,” Halleck said. “I’m hoping there won’t be any more, but I can’t make any promises.” California has been “battered” by the economic conditions. The Sacramento area has a 11.3% unemployment rate as of March, compared with the state average of 11.5%. California is leading the nation in foreclosures, she said, citing local economic statistics. The credit union has experienced an increase in loan delinquencies as members continue to lose their jobs. As of March 31, The Golden 1 had a loan delinquency rate of 1.51%, compared with a 2008 year-end rate of 1.26%. “Others have higher delinquencies, but that’s a lot for us,” Halleck said. However, The Golden 1 CU remains strong, she added. The credit union recently received its highest member service score to date. “The members’ perception of The Golden 1 is wonderful,” Halleck said. “They knew we weren’t part of the trigger that melted down the economy. We’ve done really well.” The credit union also will add two branches in Salinas from a merger with Steinbeck CU soon. “It’s a good addition to Golden 1,” Halleck said. “It’s a long-term growth opportunity for us. It fills in the areas [in which] we had a hole.” The Golden 1 will continue to do everything it can to manage the financial storm, Halleck said. “These have been hard choices,” Halleck said. “We’ve eliminated anything we could that wasn’t impacting member service. We’re here--we will survive,” she concluded. The Golden 1 has 77 branches and $7 billion in assets.
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