Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Kern Schools FCU cuts seven positions
BAKERSFIELD, Calif. (8/24/10)--Kern Schools FCU, based in Bakersfield, Calif., cut seven employees Aug. 16 in a cost-cutting move that leaves the credit union with 460 employees. Each of the layoffs, ranging from financial services officers and branch operations staff to the vice president of real estate and business lending--a position that was eliminated-- received a severance package, said Steve Renock, Kern Schools FCU president/CEO (The Bakersfield Californian Aug. 20). The layoffs came about because the credit union is dealing with the recession’s aftermath in the form of defaulted loans and a decline in loan demand from its members. In the first half of 2010, the credit union lost $16 million, following a $40.6 million loss in 2009, the newspaper said. “We’re expecting to have a better year this year than last year, but the financial conditions in [the area] still are troubling,” Renock told News Now. If Kern Schools’ lending volume declines again, the $1.58 billion-asset credit union will need to make more layoffs, Renock told the paper.


RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
53 minutes ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
2 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
3 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
3 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
3 hours ago