Credit unions dump federal charter

by: Peter Strozniak

The New Year will bring charter changes for two large credit unions in Oregon.

The $914 million Rogue Credit Union in Medford and the $885 million Oregon State Credit Union in Corvallis will convert from federal to state charters on Jan. 1 to positon their cooperatives for long-term growth.

“Over the last several years, Rogue Credit Union has strategically evaluated our field of membership and future growth opportunities,” President/CEO Gene Pelham said. “This analysis showed that with our considerable deposit and loan market share in the communities that we currently serve we needed to identify long-term future market expansion opportunities. Our sincere desire was to remain a federally chartered credit union, but we found that the existing NCUA field of membership rules provided no opportunity for Rogue Credit Union to expand.”

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