BOULDER, Colo. – Elevations CU said yesterday it will eliminate 13 positions, or 6% of its workforce, in a move that is expected to save it about $1.2 million per year.
The $922 million credit union also will close its Erie branch, effective at the close of business on Jan. 30. The branch opened in September 2008.
"The branch in Erie was the first time we had entered into an emerging and undeveloped market," Elevations President Gerry Agnes said in a statement. "In the initial analysis, there was a significant projected increase in the number of households within the market area, in addition to large retail developments that were planned for this area. The projected growth and economic assumptions simply did not materialize and we do not foresee the market conditions changing substantially over the next several years."
The credit union has had a successful year to date, earning net income of $6.9 million through the first three quarters, even after recording a $1.2 million charge for the corporate credit union bailout.
