The $722 million Altura Credit Union, headquartered in Riverside, Calif., will close four branches and lay off 11% of its workforce, according to the CU.
In a letter on its website, Altura CEO Mark Hawkins said the four branches due for closing are the most recent ones opened. Hawkins blamed the ongoing bad economy, which he said had improved but not enough.
"The Riverside/Inland Empire area appears to be stabilizing, but not yet staging a comeback," Hawkins wrote. "Unemployment remains high at 14.1%, which impacts our members' lives and their ability to repay loans. As a result, Altura's loan losses peaked in 2010."
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