LACEY, Wash.– Peak Credit Union has laid off 85 employees, with one now former employee calling the job cuts as “the most un-credit union experience I’ve ever had.”
Forty-one positions were cut in Washington, 27 in Oregon and 17 in other areas, Chief Growth Officer Michelle Anderson said in an email to the Olympian.
The $4.3-billion Peak Credit Union was formed by the merger of the former Northwest Community CU in Eugene, Ore. and TwinStar Credit Union in Lacey, Wash. in 2025. Before the merger, Tuyo was named CEO of TwinStar Credit Union, succeeding longtime chief executive Jeff Kennedy He began his role May 1, 2025 after serving as president and CEO of University Credit Union in Los Angeles since 2017.
“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,” told the Olympian. “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.”
In a follow-up email, the Olympian reported that Andersons aid Peak Credit Union continues to have “thousands of employees” and partners across 34 states serving member, a number she said reflects both direct and indirect employees, as well as partners, who support members across a range of member services.
Employees Share Details
The Olympian said it heard from two former employees who declined to share their names because they had to sign non-disclosure agreements in order to receive severance payments. The Olympian said it 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 CEO David Tuyo and SVP-People and Culture Jennifer Adams, with those on the call unable to use their video or audio, or see any other employees on the call, one former employee told the Olympian.
The former employee told the publication the call was over in 15 minutes, and five minutes later he lost access to his computer.
“It was the most un-credit union experience I’ve ever had,” he told the Olympian.
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, the publication said.
Little Severance
According to the Olympian, the employee said his severance totaled less than one month’s pay, his health benefits came to an end next week, and that he will be 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 publication stated.
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.
A review of NCUA data shows Peak Credit Union closed 2025 with $11.1-million in net income and with net worth of 10.97%.
During the pandemic, the former employee told the Olympian the credit union officials made clear there would be no job cuts, and that Peak CU’s management had said the same after the merger.
Treating People With Respect & Gratitude
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,” Amderson said in an email to the Olympian. “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.”
