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Credit union will expand

Klamath, Josephine residents sought service

Rogue Federal Credit Union recently received approval to expand its business to Josephine and Klamath counties.

Rogue Federal was previously confined to Jackson County. Mike Moore, the credit union's chief business development officer, said the application for expansion was in response to demand for the credit union's services outside Jackson County.

"There were people in Josephine County and Klamath County who were requesting our services," he said. "Now we can serve people who live, work, worship or attend school in those counties - and their families."

Rogue Federal applied for expansion to the National Credit Union Administration about three months ago. NCUA's regional director gave his approval May 15.

"The stack of documents we sent them was about 8 inches thick," Moore said.

Moore said the NCUA looks primarily at the reasons for a credit union's proposed expansion and will reject it if the service is duplicated by another credit union.

"The competition (of credit unions) is friendly here," Moore said of the valley's crowded banking market. "But I would definitely say it's a pretty competitive area."

Moore knows of no immediate plans for expansion, such as the purchase of land or buildings in Josephine or Klamath counties. He said Rogue Federal will work into expansion slowly.

But that does not diminish the credit union's satisfaction over the approval.

"Our philosophy is to be sure to provide financial services," Moore said. "From that standpoint, this will help us fulfill our mission."

Reach reporter J.T. Bushnell at 776-4487.