GTE Federal Credit Union announced that it laid off 5% of its workforce at its Tampa, Fla., headquarters and will be closing three branches.
The staff cuts will affect the 600 people who currently work at the credit union's headquarters, according to an article in the Tampa Tribune.
GTE recently closed eight branches across the country and said that it will close more branches in Orlando soon.
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The lay offs and branch closings come after merger plans for GTE and Suncoast Schools Federal Credit Union were called off in July. Both Bucky Sebastian, GTE president/CEO, and Tom Dorety, Suncoast Schools president/CEO, said that calling off the merger was a mutual decision because due diligence found that the disruption in operations the merger would cause would outweigh the benefits.
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