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Elevations Credit Union in Boulder, Colo., has named Michael Calcote as its new president/CEO.
He succeeded Gerry Agnes who retired in February after serving as CEO since 2008. Under his tenure, the credit union increased assets from $829 million to its current assets of $3.5 billion, while loans grew from $522 million to $2.6 billion and membership expanded from 75,858 to nearly 180,000, according to NCUA Call Reports.
In 2014, Elevations became the first credit union to win the Malcolm Baldrige National Quality Award, which is what some call the Academy Award of business excellence. In an interview with CU Times, Agnes shared insights about Elevations' Baldridge journey and how it contributed to the credit union's growth. Elevations earned the Baldrige award for a second time in 2020.
"It has been the honor of my career to serve Elevations and our members. Together, we've built something truly special — a credit union rooted in community and committed to excellence," Agnes said. "Thank you for trusting us with your financial goals and for being part of this incredible journey."
Before his CEO appointment, Calcote served Elevations for more than 15 years as chief financial officer and chief risk officer.
"Michael is a proven, trusted leader who deeply understands Elevations' mission, values, and long-term strategy," Elevations Board Chair Ray Martinez said. "He has helped guide this organization through growth, change, and opportunity, always with a steady focus on relationships, thoughtful planning, and doing what's right for our members."
Prior to joining Elevations in 2010, Calcote worked as chief financial officer and treasurer for Guaranty Bank in Austin, Texas. Earlier in his career, he spent five years as a regulatory examiner and capital markets specialist with the Office of Thrift Supervision.
"I'm honored to step into this role and continue the work we've been doing together. Elevations is built on cultivating relationships, and that won't change," he said. "We have a strong business plan, a talented team, and a clear direction. I'm excited to build on that foundation and continue serving our members and communities across Colorado."
Elevations' 543 employees operate 16 locations that serve members and their communities along Colorado's Front Range.
Peter Strozniak can be reached at peter.strozniak@arc-network.com.
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