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Ex-sponsor closes shop CU glad it diversified
ODESSA, Texas (6/16/09)--Complex Community FCU is glad it made a decision in 1995 to expand it membership to all of Odessa, Texas, from its previous membership of only employees of Odessa Petrochemical Complex. The complex is closing. Today, the credit union serves 27,000 members and 11 counties, said Jason Berridge, CEO of Complex Community. It will open a new branch in Andrews, Texas, in August (Odessa American June 13). “We were looking ahead,” credit union board member Jack Westerfield told the newspaper. “Even though we didn’t think this would ever happen out here, in other locations, credit unions were having problems [with sponsor closures].” Although the credit union’s branch near the chemical plant normally was packed on paydays, it no longer is used only by employees. However, Berridge is concerned about the loss of the plant, he told the paper. “I hope it doesn’t have a major effect on the credit union,” he added. “But when you lose 500 jobs, it’s going to have an effect. You just don’t know what the end result will be.”
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