BOULDER, Colo. – Elevations CU, the state’s fifth-largest credit union, has agreed to acquire Longs Peak CU, a one-time $39 million credit union that has been under a state supervisory order because of its deteriorating financial condition.
Longs Peak CU, which operates a single branch, had a loss of $960,000 for 2009 and its assets have dwindled to just $20 million over the past five years. Under a 2009 cease and desist order with state regulators, Longs Peak, which reported a loss in five of the past six years, was directed to build net worth and submit monthly reports to regulators.
Elevations, a one-time University of Colorado CU, has $937 million in assets and reported a healthy $2.7 million net for the first quarter of 2010, even after a $625,000 charge for the corporate credit union bailout this year.
Under the proposed merger, which still must be approved by NCUA, Lisa Cortese, president of Longs Peak, would become manager of Elevations’ Longs Peak operations.
Separately, Elevations is opening an expanded branch in Boulder this week.
