Alcoa Richmond Credit Union
By Joyce Moed, Reporter

RICHMOND, Va.– Alcoa Richmond Credit Union here may be the CU hardest hit by Alcoa Inc.'s decision to cut more than 13,000 jobs this year.

"We're losing a lot of members, and we're merging with another credit union," said Betty Wingfield, CEO. "We also put a freeze on loans because we know they are going to lose their jobs."
The now 400-member credit union–which once served 1,100 members–expects to merge with Virginia Credit Union by April of this year.

"We're just waiting for NCUA approval," Wingfield said. "Once approved, then I have to set a date for our members to vote."

Wingfield has no doubts that her board and members wont approve the merger.
"I don't know why they would turn it down," she said.

"We thought about staying here, but we wouldn't have any new members," Wingfield explained, noting that she expects Richmond's Alcoa plant to close in May. Alcoa Richmond CU's only SEG is Alcoa employees.

Wingfield, who has been with the credit union for 31 years, hopes to be part of Virginia CU after the merger.

"It depends if they have something available for me at the time," she said.

Right now, the credit union is telling its members it will be merging after NCUA approves it. She expects the remaining members to make the move to Virginia CU, which has 13 locations.
"It will be more convenient to the members," she said.

Alcoa Community Federal Credit Union, in Benton, Ark., doesn't expect the lay-offs to have a large impact.

"I don't have a huge number, because most of our members are retired Alcoa employees," explained Becky Brosius, CEO.

The $35-million CU became community chartered in 2000 in direct response to the decreasing number of employees Alcoa had between the mid-1980s and the year 2000. Brosius said that the Benton Alcoa plant went from 2,500 to 255 employees throughout those years.

Today, Benton's Alcoa plant is not directly owned by Alcoa.

"It is now owned by a company called Almatis," she said.

"We haven't had any reports of new lay-offs at the plant here," Brosius said. "Our board is going to meet to see if there is anything we can do."

Alcoa Municipal Employees Credit Union in Alcoa, Tenn., declined comment, explaining that the lay-offs are not expected to affect any of its members.

Alcoa Pittsburgh FCU also declined to comment.

www.alcoacommunityfcu.org