The ailing $451 million Point Loma Credit Union of San Diego isreportedly closing four branches in early November as part of acost-cutting maneuver.
|In a message to members, the California CU said the deeprecession and slow recovery are to blame “forcing the difficultdecision.”
|Point Loma with 11 branches and 51,000 members lost $1.4 millionlast year and $1.3 million through the first half with 6.64% networth. It also posted a 6% delinquency ratio.
|The CEO of Point Loma, Theodore H. Dennis, told the NorthCounty Times over the weekend it would be closing its SanMarcos branch Nov. 3.
|It was learned that three other branches in Riverside, Temeculaand Palm Desert would also be closing “at about the same time.”
|Dennis was not immediately available for comment
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