Portland credit union adds branch in Eugene.Byline: Joe Mosley The Register-Guard The state's largest credit union announced Thursday that it will enter the Eugene market this fall, two years after a failed merger with a local credit union foiled its initial attempt to do business in Lane County. OnPoint Community Credit Union - which changed its name in January from Portland Teachers Credit Union - will open a 4,300-square-foot branch in the nearly completed Lindsey Crossing Retail Center, across Coburg Road from the Oakway Center. An OnPoint spokesperson could not be reached on Tuesday for comment, but president and 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. Robert Stuart For the explorer by the same name, see . Major Robert Stuart (c.1812 – June 17, 1901) was an officer of the British Army and veteran of the Crimean War. said in a prepared statement that the Eugene branch will allow the Portland-based institution to serve a growing number of Lane County customers. The credit union opened a loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. office in February 2005 at 450 Country Club Road and already offers auto loan financing at some local dealerships. OnPoint's move into the Eugene market follows the entry three years ago of Beaverton-based First Tech credit union, the state's second-largest credit union. Eugene-based Oregon Community Credit Union and Selco Community Credit Union are the state's third- and fifth-largest, respectively, and Springfield-based Northwest Community Credit Union is sixth. But the southward south·ward adv. & adj. Toward, to, or in the south. n. A southward direction, point, or region. south migration of Oregon's heaviest-hitting credit unions was being taken in stride Adv. 1. in stride - without losing equilibrium; "she took all his criticism in stride" in good spirits by competitors, who said the Eugene-Springfield banking market is highly fragmented and not likely to be dominated by any one institution. "I'm not too terrified ter·ri·fy tr.v. ter·ri·fied, ter·ri·fy·ing, ter·ri·fies 1. To fill with terror; make deeply afraid. See Synonyms at frighten. 2. To menace or threaten; intimidate. - and frankly, I don't think there's cause for anybody to be," said Kent White, vice president for marketing at Northwest Community Credit Union. "There are things a very large institution will be able to offer, and there are things a small institution will be able to offer," White said. "But in a competitive environment, consumers win - they always have. And as with every kind of competitive environment, this causes everyone to sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp their pencils." OnPoint, which has $2.1 billion in assets, first tried to enter the Eugene market through a merger with Oregon Community Credit Union in early 2004. The proposal broke down abruptly two months after it was announced. Records obtained from state banking regulators showed the merger was scuttled following a dispute between regulators and OnPoint - at the time, Portland Teachers Credit Union - over the $1.6 million in salary and bonuses that had been paid to Portland Teachers CEO Cliff Bias in 2003. Regulators wanted the credit union's members to be notified of the CEO's pay before they were asked to vote on the merger, but Portland Teachers' officials balked balk v. balked, balk·ing, balks v.intr. 1. To stop short and refuse to go on: The horse balked at the jump. 2. at making the disclosure. Bias announced his retirement last August, and Stuart replaced him in January as president and CEO. |
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