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letter from the chair
Dear Members,
2008 was a challenging year for Elevations Credit Union. Early in the year, our beloved and respected
CEO, Bill Sterner, died suddenly while attending a Legislative Forum at the Colorado State Capitol. Even
in the best run companies, the sudden death of a CEO is disruptive. Immediately, your Board of Directors
put a plan in place to fi nd a new CEO who would take the reins of an excellent credit union and catapult it
forward to becoming the best. We conducted a national search for a new CEO that brought us over 200
qualifi ed candidates from whom to choose.
In August, we selected Gerry Agnes as President and CEO. It was not only Gerry’s background in credit
unions, non-profi ts and banks that elevated him to the top of the list; it was also his critical business
acumen, his deep understanding of our business model, his expertise in strategic planning, his history of
leadership and his proven track record of team building that made our decision easy.
Your Directors are extremely appreciative of the extraordinary efforts of all credit union management and
staff when the economy was in the midst of collapse and during a time when large banks and investment
houses faltered, failed and were given massive bailouts from your tax dollars. Throughout this transition
and these diffi cult times, Elevations Credit Union stayed true to its mission and values and focused on
what’s best for you, our members. As a result of this effort to concentrate on value for all members,
Elevations had one of the best years we’ve experienced in our history.
Your Directors are also gratifi ed to see the quick impact Mr. Agnes has had on this organization.
Immediately, he pulled the management team together into a tightly unifi ed team and began planning the
future of your credit union by starting at the beginning – our core values. Gerry has mapped out a strategic
planning process that will help the Board of Directors develop the vision for tomorrow and govern the credit
union’s progress toward those goals. He has also brought new transparency to our Board meetings with
clarity in policy, service quality, and fi nancial strategies. With your management team, we are setting a
course that will make us all delighted to say, “I am a member of Elevations Credit Union.”
Lastly, I have been blessed to work closely with our Board of Directors this past year and truly thank
them for their tireless work and dedication to advance our mission. Together, we successfully navigated
through a very challenging year that resulted in breaking many new records, while also ensuring our future
success.
I am confi dent that we will forge ahead, continuing to build a cooperative organization to best serve you,
our members.
Respectfully,
Eric Jones
Chair, Board of Directors
ELEVATIONS Credit Union 2008 annual report 2