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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.


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