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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The CEO of Point Loma, Theodore H. Dennis, told The North County Times it will close its San Marcos branch Nov. 3.
Sources said that three other branches in Riverside, Temecula and Palm Desert would also be closing at about the same time. Calls seeking comment from Point Loma CU were not returned.
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