EL SEGUNDO, Calif.–Convinced future growth is grounded in Select Employee Group business, the $750 million Xerox Federal Credit Union unveiled what it called a "bold" 2008 strategy, whereby it will seek out CU partners in its priority markets in California and the East Coast.
In addition, the Los Angeles CU is adding up to 10 new branches, redoing them into state-of-the-art "financial centers" and opening a $20 million headquarters as part of a remake arising as the CU absorbs a $2 million loss for 2007.
"We're well capitalized at 12% and our board has known from the start that our makeover, branch expansion and shift in strategy away from community and toward SEGs would be an investment," declared Teresa Freeborn, the president/CEO.
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