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Rogue FCU To Retain All Oregon Chetco FCU Employees And Branches Through Purchase And Assumption
Medford, Oregon – On December 28, the National Credit Union Administration (NCUA) announced that they have selected Rogue Federal Credit Union (Rogue Federal) to purchase and assume Chetco Federal Credit Union’s (Chetco) five Oregon branches and memberships. Coast Central Credit Union has agreed to purchase and assume the Crescent City Branch and California memberships. The NCUA placed Chetco into conservatorship on September 23, 2011 in order to protect the financial stability and safe-and-sound operations of the credit union. The NCUA has been working since September of 2011 to find a solution that was in the best interest for Chetco’s members and ensured continued credit union service to the South Coast of Oregon and North Coast of California.
Rogue Federal is looking forward to serving their new members and the South Coast Communities. Rogue Federal recognizes that the Chetco staff has remained committed during uncertain times and will be offering all Oregon Chetco employees positions moving forward. “We realize that the Chetco staff is a team of highly dedicated folks that are committed to serving the members and community; it was important for us to welcome all Oregon Chetco employees to the Rogue Federal family”, said President/CEO Gene Pelham.
As Chetco members transition to become Rogue Federal members, they will experience no interruption in services and their deposits will remain insured by the National Share Insurance Fund up to $250,000. Oregon Chetco branches will be closed for the holiday weekend, and will open on Wednesday January 2nd as Rogue Federal Credit Union. With combining organizations, Rogue Federal will grow to over 70,000 members and nearly $800 million in assets. Rogue Federal will gain greater efficiencies and be able to serve all of their members with more branch locations throughout Southern Oregon and provideimproved products and services over time.
Chetco, like Rogue Federal, is a very community focused credit union who has focused over the years on helping families and children in their communities. Pelham stated, “The South Coast communities are very special, and we plan to integrate ourselves as deeply in those communities as we have in the Rogue Valley and the Klamath Basin.”
Rogue Federal Credit Union is a relationship-based service organization partnering to grow financially healthy, secure families and communities. Rogue Federal has been serving Southern Oregon for over 50 years. Rogue Federal is a federally chartered, community-based credit union whose membership includes all who live, work, worship or attend school in Coos, Curry, Del Norte, Jackson, Josephine and Klamath counties. Rogue Federal serves over 70,000 members with an asset base of nearly $800 million and a loan portfolio of over $600 million. Branches are located in Ashland, Bandon, Brookings, Central Point, Eagle Point, Gold Beach, Grants Pass, Harbor, Klamath Falls, Medford, and Port Orford. We invite you to stop by and visit with a representative or visit us online at www.roguefcu.org.
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For more details on the purchase and assumption and how Southern Oregon members will benefit visit www.chetcofcu.org