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Citing economy Elevations CU to close branch Jan. 30
BOULDER, Colo. (12/9/09)--Elevations CU, Boulder, Colo., announced that it will close its Erie branch on Jan. 30 and eliminate 13 staff positions. The changes will result in an annual savings of $1.2 million, the credit union said in a press release. Employees working at the Erie branch will be transitioned to other open positions within the credit union. The branch opened in September 2008. “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, and we do not foresee the market conditions changing substantially over the next several years,” he added. Elevations has eight other branches that serve Boulder and Broomfield counties. The credit union opened two branches in 2008--serving Broomfield/Westminster and Longmont, Colo. “Both are doing well with no changes planned,” the credit union said. “The difference was that these two branches were opened in established market areas with an adequate number of households and businesses nearby.” Members affected by the Erie closing can use shared branching, the CO-OP ATM network and online banking to meet their banking needs, Elevations added. Elevations CU has $920 million in assets.


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