Cicero said the laid-off employees will receive a generous severance package, including job placement support such as resume review and interview coaching.

“We value the contribution of all of our team members and deeply regret the need for these layoffs,” she said. “We are committed to supporting our affected employees through this transition.”

While reductions have been made across the organization in management and non-management level positions, management is still in the process of communicating these changes with team members and was unable to share the exact positions impacted.

Although economic uncertainties are expected to continue throughout the year, Cicero said she does not anticipate additional layoffs.

“This was a difficult decision made with deep consideration for our team, our members and the long-term strength of Numerica,” she said. “Our focus remains on supporting those impacted while continuing to serve our members and community with care and stability.”

Numerica said its financial position remains strong. All branches will remain open and services will continue uninterrupted.

The credit union is well-capitalized, ending last year with a net worth of 11.79%, slightly higher than the peer average of 11.12%.

Although Numerica has posted positive growth metrics in its net worth, shares, loans, assets, investments and membership from 2020 to 2023, it has seen some softening in these management ratios over the last two years.

For example, after recording loan growth of 15.05%, 10.38% and 17.58% in 2020, 2021 and 2022, respectively, Numerica’s loan growth was 3.79% in 2023 and 0.12% in 2024, compared to last year’s peer average of 2.97%, according to NCUA financial performance reports.

Peter Strozniak can be reached at [email protected].