Air Academy Federal Credit Union in Colorado Springs laid off 19 employees, or about 12 percent of its workforce, last week as a result of a weak home mortgage market and a 2-year-old restructuring program aimed at offering services online that has resulted in the closure of four branches.
Kira Schubert, marketing manager for the credit union, said Tuesday that 12 employees in Air Academy’s mortgage operation were laid off due to a dearth of lending resulting from the declining local real estate industry.
Seven others, including one vice president, lost their jobs as part of a “strategic process” to shift transactions from Air Academy’s branches to electronic methods, Schubert said. That has resulted in closing branches in downtown Colorado Springs, on Powers Boulevard and in Fountain and Elizabeth.
Air Academy eliminated 26 positions earlier this year by attrition and does not expect any additional layoffs, Schubert said.
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