Citing economic factors, the $920 million Elevations Credit Union of Boulder, Colo. is closing a Denver area branch and laying off 13 employees, or 6% of its work force effective at the end of January.
Elevations officials attributed the "expense control initiative" to various factors relating to less than stellar performance in Erie, a north metro community which had once been primed for a 5,000-unit housing surge, but fell well below that goal.
The Boulder CU with 8% capital said it remains in a healthy condition, earning $10 million through the first nine months. The layoffs will result in $1.2 million in savings, said the CU.
"The branch in Erie was the first time we had entered into an emerging and undeveloped market," said Gerry Agnes, president/CEO. "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" he said adding the CU does "not foresee the market conditions changing substantially over the next several years."
The Erie branch had been opened in September 2008. Elevations has eight other branches and 80,000 members.
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