Collins Community Credit Union lays off 38 employees

Collins Community Credit Union has laid off 38 employees. According to a Worker Adjustment and Retraining Notification (WARN) notice filed with the state of Iowa, the Collins Community Credit Union layoffs were announced and effective Oct. 6. Mai-Linh Hoang, vice president of corporate strategy and marketing for Collins Community Credit Union, said “most of the position eliminations were made across our mortgage lending division, due to less demand because of the rising interest rates. When the market changes and shifts, we need to do the same as a credit union, to be good stewards for our members.” The layoffs occurred at CCCU's corporate headquarters in Cedar Rapids, Ms. Hoang said. Ms. Hoang also provided a CCCU statement on the layoffs. “In the financial sector, industry market trends have changed, and while some services are growing, others are slowing,” the statement reads. “For Collins Community Credit Union, this has resulted in an internal restructuring, which included the elimination of some current positions. “We have taken a very deliberate approach to provide resources to affected individuals with a separation package and finding new employment opportunities,” the statement adds. “We thank them for providing excellent service to our members over the years.” Collins Community Credit Union was founded in 1940 by a group of ten Collins Radio employees. With branches in Cedar Rapids, Cedar Falls, Des Moines, Dubuque, Iowa City, Marion, and North Liberty, CCCU currently provides services to residents of Black Hawk, Dubuque, Linn, Johnson, Polk and surrounding counties. It is the fourth largest credit union in Iowa, with over $1 billion in assets. After the layoffs, Collins Community Credit Union has 275 employees at 14 locations in Iowa, Ms. Hoang said. CCCU was named first runner-up for Best Area Credit Union on the Corridor Business Journal’s 2022 Best of the Corridor list.