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.