The $4.3 billion Peak Credit Union in Lacey, Wash., laid off 85 employees – about 10% of its 832-employee workforce – citing a challenging economic environment marked by rising operating costs and shifting revenue dynamics.
"I can confirm that Peak Credit Union implemented a workforce reduction on Tuesday affecting 41 employees in Washington, 27 in Oregon and 17 in other locations," Peak Chief Growth Officer Michelle Anderson said. "This was a difficult, but necessary decision, and we approached it with care and respect for those impacted."
She said the workforce reduction is part of a broader effort to realign Peak's cost structure and operations and the need to operate with greater focus and efficiency in serving more than 266,000 members over the long term.
Peak, formerly TwinStar Credit Union, completed its merger with the $1.8 billion Northwest Community Credit Union in Eugene, Ore., in June 2023, becoming the fifth largest financial cooperative in Washington. The credit unions implemented a post-merger integration plan followed by a rebrand as Peak.
But Anderson said the workforce reduction is not connected to the merger or post-merger integration.
"They reflect current operating realities and the steps necessary to ensure Peak remains strong, stable, and able to continue delivering on our commitment to members and communities, which has guided the organization since its founding," she said. "We have complete confidence in our team and in the organization to thrive as we grow in the future."
A review of its first full year post merger from 2024 to 2025 showed that Peak's non-interest expense/average assets – a key efficiency and cost‑control metric – increased from 4.15% in 2024 to 4.36% in 2025 compared to the peer average of 3.37%, according to NCUA financial performance reports.
Although Peak remains well-capitalized at 10.97%, its net worth growth dropped from 5.35% in 2024 to 1.85% at the end of last year, trailing the peer average of 7.02%.
Likewise, its share growth fell from 5.10% in 2024 to 1.50% in 2025 compared with the peer average of 6.35%, while loan growth declined from 4.38% to 2.41% over the same period, lagging the 5.92% peer average, according to NCUA financial performance reports. Membership growth, however, held steady at 2.01% in 2024 and 2025, slightly behind the 2.71% peer average. Peak's membership growth surged by more than 77% in 2023 as a result of the merger.
Although the credit union posted strong loan deployment at nearly 80% in 2024 and 2025, well above the peer average of 71.22%, its profitability declined. Peak's ROAA fell from 0.62% in 2024 to 0.26% in 2025, compared to the peer average of 0.72%.
In 2024, Peak recorded net income of $26 million, which fell by 57% to $11.1 million in 2025, according to NCUA financial performance reports.
Peter Strozniak can be reached at peter.strozniak@arc-network.com.
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