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The $11.7 billion Global Credit Union in Anchorage, Alaska has laid off 185 employees across five states, spokesperson Tim Woolston said.
"The layoffs were concentrated in lending due to significantly reduced loan volume because of the current interest rate environment," Woolston said. The credit union said it also expects to make smaller staff reductions in its technology and project management divisions.
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Woolston also said the layoffs were not related to the credit union's merger last year. In August, Alaska USA and the Spokane, Wash.-based Global Credit Union merged, which created a credit union with 76 locations across Washington, Alaska, California, Idaho and Arizona. The merger also included Global's branches on military bases in Italy. At the beginning of this year, Alaska USA Federal Credit Union dropped its geographically focused name and changed it to the more expansive Global Credit Union.
Seventy-eight employees in Alaska were laid off and 107 employees in Washington, California, Arizona and Idaho lost their jobs last week. They received a 30-day severance package.
With more than 100 open positions, the credit union said laid off employees will be given preferential consideration to fill those jobs. Many of the open positions are at call centers.
Global CU employed 2,281 persons, its first quarter NCUA Call Report showed.
"There are no other planned actions regarding staffing at Global," Woolston said.
The credit union reported a decline in lending for mortgages and auto loans. At the end of the first quarter in 2022, Global CU approved 26,759 loans worth $1,423,010,589. At the end of this year's first quarter, the credit union approved 15,648 loans worth $791,446,318, according to the credit union's NCUA Call Reports.
Although Global CU's total loans increased from $8,714,239,695 to $10,239,064,520 last year, total loans dropped to $10,172,026,866 at the end of 2023's first quarter, NCUA financial performance reports showed. In addition, the credit union's net income fell from $20,035,482 in March 2022 to $2,457,416 in March 2023, according to NCUA financial performance reports.
The credit union's total cash and deposits amounted to $342,948,349 at the end of the first quarter in 2022, compared to its total cash and deposits that amounted to $194,918,821, at the end of the first quarter in 2023, NCUA Call Reports showed.
Global CU's net worth was 10.28% at the end of the first quarter.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
