Pointing to the California recession, the ailing $451 million Point Loma Credit Union of San Diego is reportedly closing four branches early next month as part of a cost-cutting maneuver.
In a message to members, the California CU said the economic doldrums and slow recovery are to blame for forcing difficult decisions.
Point Loma, with 11 branches and 51,000 members, lost $1.4 million last year and $1.3 million through the first half with 6.64% net worth. It also posted 6% delinquency ratio.
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