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Wescom Credit Union Closes 12 Branches

December 14, 2009

Pasadena – Wescom Credit Union has announced the closure of another 12 branches but assured that it will make positions available to every employee in affected branches.

According to Wescom, many of the positions will be comparable jobs in commutable locations.

However, some management-level staff will be offered non-comparable positions.

The branches affected, which include operations at all company locations in Santa Barbara and San Diego counties, will be closing on January 29, 2010.

This move, which is described by Wescom as a part of a strategy to boost its long-term financial performance, will leave the company with 29 operating branches in five countries.

According to a statement by the company’s CEO Darren Williams “Over the past week, we have announced some difficult decisions regarding our branch strategy; we have thousands of members in San Diego and Santa Barbara counties."

Williams added that the company intended to fully develop their presence in those locations but branche3s need time to grow and the recession hampered Wescom’s ability to allocate resources to those branches.

Even if the there are recent positive economic signs, Wescom decided that it would still be difficult to keep the 12 branches open.

Wescom has also closed 11 branches last September due to small deposits and membership bases, lack of growth and proximity to other branches.

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