85 jobs cut at Thurston Co. credit union, company confirms. Here’s what we know

A Peak Credit Union executive confirmed on Wednesday that 85 employees lost their jobs Tuesday morning.

Those cuts were spread across Washington state, Oregon and elsewhere, Chief Growth Officer Michelle Anderson said via email Wednesday afternoon.

Forty-one positions were cut in Washington, 27 in Oregon and 17 in other areas, she said. It wasn’t immediately known how many were in Thurston County. Peak Credit Union’s corporate office is in Lacey on Intelco Loop Southeast.

It used to be the corporate home of TwinStar Credit Union until it merged with Northwest Community Credit Union in Eugene, Oregon, and then changed its name last fall to Peak Credit Union.

“This was a difficult but necessary decision to align our organization with current economic conditions to ensure we remain strong, focused, and committed to serving our members and communities over the long term,” said Anderson about the job cuts.

“Out of respect for our employees and the transition process, we’re not sharing specific details about any individuals, but what I can say is that affected employees are being supported through the transition with severance, extended benefits, and outplacement resources.”

She added that Peak Credit Union continues to have “thousands of employees” and partners across 34 states serving members. Asked for a specific number of total employees, Anderson said in a follow-up email that she was referencing thousands of employees, both direct and indirect, as well as partners, who support members across a range of member services.

The total number of employees at Peak remains unclear.

The Olympian has heard from two former employees, who explained what happened on Tuesday, although they declined to share their names because they had to sign non-disclosure agreements in order to receive severance payments, they said.

The Olympian has also asked Anderson to respond to the non-disclosure agreement and other details shared by the ex-workers.

Shortly before 9 a.m., the employees said they were asked to participate in a remote video call with David Tuyo, the CEO, and Jennifer Adams, senior vice president of people and culture. Those on the call were unable to use their video or audio, or see any other employees on the call, one former employee said.

It was over in 15 minutes, and five minutes later he lost access to his computer, the former employee said.

“It was the most un-credit union experience I’ve ever had,” he said.

The former employee said he had spent more than 10 years with Peak Credit Union and has worked for a larger credit union as well.

He added that his severance totaled less than one month. His health benefits came to an end on Tuesday and transitioned to COBRA, which is a way of continuing health care benefits but requires that the former employee pick up the full cost of premiums.

The former employee questioned why job cuts were needed when he said he believed that the credit union was meeting its growth targets in memberships and loans, for example.

During the pandemic, credit union officials made clear there would be no job cuts, and they said the same after the merger, he said.

Asked about his future, he said: “I have no idea.”

Anderson reiterated that the credit union’s decision to cut jobs was not taken lightly.

“Decisions like this affect all of us and our colleagues, who we value deeply, and we are committed to treating those impacted with respect, gratitude, and support as they transition forward,” she wrote.

“Ultimately, decisions about the workforce were made carefully based on role functions that were critical to our core mission and reflects the responsibility we carry as a member-owned organization to ensure long-term sustainability for the members and communities who depend on us.”