layoffs
After posting a loss of $113 million at the end of 2024, the $4.3 billion Connexus Credit Union eliminated 18 positions in January.
Although the Wausau, Wis.-based credit union laid off 16 employees in November, Connexus Spokesperson Laura Huggins said 14 of those employees were retained with other job offers. Likewise, the 18 employees who were laid off last month can apply for available positions.
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“Connexus Credit Union is a nationwide, remote-first employer and not-for-profit credit union that exists to foster prosperity among its member-owners. To continually support the needs of our members, we must make adjustments to our organization as necessary,” Huggins said. “Select roles were eliminated to match members' current and future needs and align closely with our strategic direction. We pride ourselves in treating all employees with dignity and respect, and the decision to eliminate some positions was made after very careful consideration. We are grateful for what these employees have afforded the organization and wish them success.”
Connexus employs 668 individuals.
In a communication sent to employees on Jan. 30, Connexus said despite holding a strong financial position, its average monthly net loss was $9.5 million last year.
“This was a reflection of the economy, high interest rates, increased delinquencies and cautious consumer behavior,” the credit union’s communications said.
After nearly doubling loan growth from $2.8 billion in 2020 to $4.6 billion in 2023, loans dropped by more than 18% in 2024 to $3.8 billion, according to NCUA financial performance reports. Additionally, Connexus’ provision for loan losses was more than $162 million at the end of 2024, a 158% increase compared to $62.9 million under the provision for loan losses at the end of 2023.
Connexus remains well capitalized, recording a net worth of 7.41% at the end of last year, compared to a net worth of 8.60% at the end of 2023, NCUA financial performance reports showed.
The credit union also informed employees that operating expenses will be closely managed. Specifically, the credit union said non-elective 401(k) programs for 2024 will not be funded while staffing for the member contact center has been realigned and the marketing department has been restructured.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
