June 12, 2020 3:35 a.m.
In the KQEN Business Spotlight:
Rogue Credit Union headquartered in Medford, and Malheur Federal Credit Union in eastern Oregon, have signed a letter of intent to join forces with a merger of the two credit unions.
A release from Rogue, said after much discussion with both leadership teams and each board of directors, and after careful review of cultures and financials, Rogue is pursuing the opportunity to merge with Malheur, to serve rural Oregon and western Idaho. The release said both credit unions understand how to serve the unique needs of rural Oregon and the expansion will provide both memberships with access to services across the state.
Like Rogue, Malheur began as a teacher’s credit union. It has assets of over $160 million and is described as “financially strong”, allowing them to interview several credit unions to find the right partner. Both groups agreed that Rogue is the right choice for a partnership. The release said Rogue plans to retain local ownership and control, “where leadership focuses on returning the benefit to the communities they serve”.
Rogue President and CEO Gene Pelham said “we are beyond excited to be able to embark on this journey to partner with another great credit union”. He said the organization plans to “keep the local hometown feel of focusing on our members, while creating the advantages consumers expect from larger institutions”.
The release said Rogue plans to retain employment for all staff and locations at this time. The merging of the two credit unions will likely take place in 2021.