Michael Calcote will lead the Colorado-based institution following the retirement of Gerry Agnes after nearly two decades at the helm.

Elevations Credit Union has named Michael Calcote as its next president and chief executive, entrusting a longtime senior executive with guiding the Boulder, Colo.-based institution into its next phase of growth.

Calcote, who has spent more than a decade with the organization serving as both chief financial officer and chief risk officer, succeeds Gerry Agnes, who retired Feb. 28 after leading the credit union since 2008.

The leadership transition comes at a time of steady growth for the institution, which has expanded significantly since its founding more than 70 years ago. Established in 1952 as the University of Colorado Federal Credit Union with just 12 members and less than $100 in assets, the organization now serves about 180,000 members across Colorado. It employs more than 550 people and manages roughly $3.5 billion in assets.

Financially, the credit union has continued to build on that growth. Elevations reported more than $37 million in earnings in 2025, up from nearly $35 million the year before, according to NCUA call report data.

Calcote has played a central role in shaping the institution’s financial strategy and operational stability during that expansion. In his roles as chief financial officer and chief risk officer, he has overseen accounting and finance, strategy and performance management, credit risk oversight, internal audit, payments and controls, secondary markets and corporate real estate.

Ray Martinez, chair of the credit union’s board of directors, said Calcote’s experience within the organization made him a natural choice to lead the institution.

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“Michael is a proven, trusted leader who deeply understands Elevations’ mission, values, and long-term strategy,” Martinez said. “He has helped guide this organization through growth, change, and opportunity, always with a steady focus on relationships, thoughtful planning, and doing what’s right for our members.”

Calcote joined Elevations in 2010, bringing with him experience from both banking and regulatory oversight. Before arriving at the credit union, he served as chief financial officer and treasurer for Guaranty Bank, a publicly held regional bank based in Austin, Texas.

Earlier in his career, he worked as a regulatory examiner and capital markets specialist at the Office of Thrift Supervision, the now-defunct federal agency that oversaw savings and loan institutions before its functions were absorbed by other regulators following the financial crisis.

Calcote holds a bachelor’s degree in finance and accounting from Stephen F. Austin State University and is a Chartered Financial Analyst.

In a statement announcing his appointment, Calcote said the credit union’s core focus on relationships and community service would remain central to its strategy.

“I’m honored to step into this role and continue the work we’ve been doing together,” Calcote said. “Elevations is built on cultivating relationships, and that won’t change. We have a strong business plan, a talented team, and a clear direction. I’m excited to build on that foundation and continue serving our members and communities across Colorado.”

Calcote takes over from Agnes, whose tenure at the credit union spanned nearly two decades and coincided with a period of major expansion and community engagement.

During that time, the credit union also launched the Local Change Foundation, a charitable initiative supported in part by Elevations. Since its founding in 2010, the foundation has provided more than $4 million in resources to community programs.

With Calcote now in place, Elevations enters its next chapter under a leader who has spent years helping shape its financial direction and strategic planning — a transition the board hopes will provide continuity as the institution continues to grow in Colorado’s competitive financial services market.

“We have a strong business plan, a talented team, and a clear direction. I’m excited to build on that foundation and continue serving our members and communities across Colorado.”

– Michael Calcote
President & CEO
Elevations Credit Union