BOULDER, Colo. – Members of Longs Peak CU, which is under a state supervisory order, voted to merge the one-time $38 million credit union into Elevations CU, the state’s fifth-largest credit union.
Longs Peak, based in Loveland, reported a $204,000 net for the first quarter, after a $960,000 loss for 2009, while assets have declined to $20 million.
For Elevations CU, which has $930 million in assets, the deal provides an opportunity to expand into a new market. After the merger, Lisa Cortese, president of Longs Peak, will become vice president of the Loveland market for Elevations.
