Credit union merger proposed.Byline: Christian Christian flees the City of Destruction. [Br. Lit.: Pilgrim’s Progress] See : Escape Christian travels to Celestial City with cumbrous burden on back. [Br. Lit. Wihtol The Register-Guard Two of the state's biggest credit unions on Friday said they have decided they want to merge, after spending several months studying the idea. Eugene-based Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. Community Credit Union and Portland Teachers Credit Union said they've decided to join forces, pending approval of members and regulators. Oregon Community - formerly U-Lane-O Credit Union - and Portland Teachers last November said that they had hired a consultant to evaluate the wisdom of a merger. "Our combined credit union will have the size, scale, product mix, membership base, distribution channels and earnings stability to achieve long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value for the combined membership," said Cliff Dias, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Portland Teachers. The credit unions do not anticipate any staff reductions in the merger, although they may adjust the duties of some employees to reduce duplication duplication /du·pli·ca·tion/ (doo-pli-ka´shun) 1. the act or process of doubling, or the state of being doubled. 2. , said Gordon Hoerauf, CEO of Oregon Community. Banks are often driven to merge by the opportunity to shut overlapping branches and cut staff. But Portland Teachers and Oregon Community don't have overlapping branches, Hoerauf noted. The members of Portland Teachers will vote on the plan in June, Hoerauf estimated, with the merger taking effect in November. Oregon Community members won't vote on the issue because Portland Teachers is merging into Oregon Community, he said. The new credit union would take the name Oregon Community Credit Union. Dias would be CEO, and Hoerauf would be chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Oregon Community now has about 80,000 members, 200-plus employees, seven branches, and assets of nearly $700 million. The merged credit union would have 234,000 members, 17 branches, 500 employees, and assets of $2.3 billion. The headquarters would be at the Portland Teachers' Portland office. Oregon Community's headquarters on Chad Chad (chăd, chäd), Fr. Tchad, officially Republic of Chad, republic (2005 est. pop. 9,826,000), 495,752 sq mi (1,284,000 sq km), N central Africa. Drive would continue to house administrative and other offices of the merged credit union. Oregon Community was interested in expanding to serve the Portland area, and decided the quickest and most efficient way to do that was through merging with a credit union that was already there, Hoerauf said. |
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