|
|
|
MailTribune.com
  • Rogue Federal Credit Union to buy Chetco Federal Credit Union

  • Rogue Federal Credit Union will expand its horizons Monday when it acquires Chetco Federal Credit Union's Oregon operations.
    • email print
  • Rogue Federal Credit Union will expand its horizons Monday when it acquires Chetco Federal Credit Union's Oregon operations.
    The National Credit Union Administration announced Friday that it had selected Rogue Federal to purchase and assume Chetco's Oregon operations.
    In a release, the NCUA said it had placed Chetco into conservatorship on Sept. 23, 2011, "in order to protect the financial stability and safe-and-sound operations of the credit union."
    The acquisition will add five branches and about $200 million in assets to Rogue Federal's operation, which currently has assets of about $600 million.
    The Chetco branches being added are in Harbor, Brookings, Port Orford, Gold Beach and Bandon. Gene Pelham, president and chief executive officer of Rogue Federal, said that the credit union would keep all 67 jobs that come with those five branches when they are acquired Monday.
    The acquisition will increase Rogue Federal membership from 56,000 to nearly 70,000 and increase its overall number of employees to about 250.
    Coast Central Credit Union has agreed to purchase and assume Chetco's Crescent City branch and California memberships.
Reader Reaction

      calendar