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CU System
Bay FCU closes Salinas branch reorganizes
CAPITOLA, Calif. (1/28/09)--Bay FCU is closing its Salinas, Calif., branch and scaling back its plans for growth because of current economic conditions. The branch had opened two and a half years ago. Six of the eight employees at the branch have found employment at other branches. Two others could be offered other positions later, the Capitola-based credit union told KSBW.com (Jan. 27). Bay Federal said it has laid off about 30 employees or 13% of its staff--leaving the credit union with 189 employees--because of the spiraling economy (The Mercury News and Californian.com Jan. 27). The $654 million asset credit union had grown steadily until the recession. President Carrie Birkhofer told the Mercury News that the credit union provided staff with "exceptional packages."


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