Rogue Credit Union income and membership grow
Rogue Credit Union net income grew 17 percent during the first half of 2016 over 2015.
The Medford-based, state-chartered financial institution with operations in six Southern Oregon counties reported a net income of more than $9.6 million through June 30, compared to just under $8.2 million a year ago.
Rogue Credit Union's membership grew 14 percent during the past 12 months to 104,413 from 91,521, and membership increased at an annualized rate of 15.4 percent during the first six months of 2016.
Rogue Credit Union opened branches at Southern Oregon University, in east Roseburg and east Medford in the second half of last year.
"These new locations have exceeded our original expectations, but only account for a small portion of the growth," said President and CEO Gene Pelham. "Our growth has been driven by the ongoing disruption in the financial services space in Southern Oregon. Our new members are telling us they are joining the credit union because of branch sales, branch closures by multiple institutions, integration issues with mergers, and the reduction of service through drive-up closures or reduced hours of operation.
In the past 12 months, the credit union's loan portfolio grew 11.2 percent to $891.5 million from $801.8 million.
He said customers with car loans or savings accounts have moved their checking to RCU, as well.
"Growth is not our strategy, and the extended period of growth for the credit union has taken us by surprise," he said.
The institution, headquartered on the corner of Highway 99 and Garfield Street, operates 17 branches with 394 employees, including 310 in Jackson County. Rogue's total assets grew to nearly $1.2 billion during the first half of 2016 from just over $1 billion a year ago.
Reach reporter Greg Stiles at 541-776-4463 or email@example.com. Follow him on Twitter at www.twitter.com/GregMTBusiness, on Facebook at www.facebook.com/greg.stiles.31.