CU to Close 8 More Branches - 27 Total

PASADENA, Calif. – Wescom Central CU, still struggling with the southern California recession, announced plans yesterday to shutter another eight branches. The planned closings come after the $3 billion credit union has shut 19 branches over the past two years, and will reduce its branch network to 29 from 56 outlets in 2007.

The one-time $3.8 billion credit union has been one of the hardest-hit from the economic downturn in the region, with losses of $63 million in 2008 and $67 million for the first three quarters of 2009.

The Wescom plans come amid several other credit union retrenchments announced this week, including the closure of eight branches by Arizona FCU and lay-offs and a branch closure by Elevations CU in Boulder CU.