When Banks Step Back, Credit Unions Step Up: New Job Resource Center and Resume Bank Available

Posted by Alyse Knudsen on May 20, 2026

In the wake of layoffs tied to the PNC–FirstBank merger, Colorado’s credit unions are doing what they do best: stepping up for their communities.

Following news that nearly 800 of Colorado financial professionals would be impacted by the acquisition beginning June 30, credit unions across the state quickly moved to provide support. In coordination with GoWest Credit Union Association, they launched a virtual job resource center and resume bank to help connect displaced workers with career opportunities across the credit union system.

This rapid response reflects the cooperative spirit that defines the Credit Union Movement and magnifies how credit unions are a vital part of the the communities they serve.

“We have seen this happen many places across the U.S., including Colorado, where a smaller bank gets bought by a big Wall Street bank or a big mega bank,” said Katie March, GoWest’s VP of Legislative Affairs for Colorado. “They come in, close branches, and lay off Colorado employees. It makes us really nervous so we’ve been following this First Bank merger really closely.”

Turning Disruption Into Opportunity

The layoffs follow PNC Financial Services’ acquisition of FirstBank, a deal that has had significant consequences for local workers and communities. Across the country, these types of acquisitions often shift decision-making away from local markets and reduce the number of community-based jobs.

Since 2012, a majority of bank assets sold have gone to out-of-state institutions. Today, roughly 60% of Colorado’s bank deposits are held by six out-of-state banks.

For GoWest and its member credit unions, this trend underscores a clear distinction.

“Time and again, we see the same pattern: when some of the largest financial institutions in the country acquire local banks, communities lose,” said Jennifer Wagner, GoWest’s EVP and Chief Advocacy Officer. “Big banks answer to shareholders. Credit unions answer to their members — and right now, Colorado workers are feeling that difference in a very real way.”

A Path Forward for Displaced Workers

Rather than waiting for the impacts of consolidation to unfold, credit unions acted quickly to offer a path forward.

The newly launched job resource center serves as a hub where displaced FirstBank employees — and others impacted — can:

• Explore current job openings at credit unions across Colorado and the broader region
• Submit resumes to a shared database accessible to participating credit unions
• Connect with organizations that value community-based service and member relationships

With many credit unions actively hiring for roles that align closely with the skills and experience of affected workers, the initiative is designed to keep talent local while strengthening the cooperative financial system.

“These are experienced financial professionals who have spent their careers serving Colorado communities,” Wagner said. “If you’re looking for a place where you matter, consider a career at a credit union.”

Supporting Financial Well-Being Beyond Employment

In addition to career opportunities, credit unions are also extending support to help individuals navigate the financial uncertainty that can accompany job loss.

Many are offering short-term assistance options, including:

• Skip-a-payment programs
• Emergency or short-term loans
• Other financial relief resources

Laid-off employees are encouraged to reach out to their local credit union to learn more about available support.

Living the Credit Union Difference

At its core, this effort is about more than job placement — it’s about putting people first.

By stepping in during moments of disruption, they are strengthening communities, supporting workers, and demonstrating the real meaning of the “People Helping People” philosophy.

When others step back, credit unions step forward — and Colorado is seeing that commitment in action.

Posted in Colorado, Community Impact, CU Difference, GoWest Association, GoWest News, In The News, Public Awareness, Regional Member News, Small Credit Unions, Top Headlines.