The ailing $451 million Point Loma Credit Union of San Diego is reportedly closing four branches in early November as part of a cost-cutting maneuver.
In a message to members, the California CU said the deep recession and slow recovery are to blame “forcing the difficult decision.”
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 a 6% delinquency ratio.
The CEO of Point Loma, Theodore H. Dennis, told the North County Times over the weekend it would be closing its San Marcos branch Nov. 3.
It was learned that three other branches in Riverside, Temecula and Palm Desert would also be closing “at about the same time.”
Dennis was not immediately available for comment