O.U.R. FCU Liquidated By NCUA, Purchased by Northwest Community CU
December 6, 2011
December 6, 2011
The National Credit Union Administration announced the liquidation of O.U.R. Federal Credit Union on Friday evening, as well as its subsequent purchase by Northwest Community Credit Union. The former O.U.R. members will experience no interruption in services or asset insurance coverage as they now become members of Northwest Community.
“We’re excited about the O.U.R situation,” said Northwest Community’s Vice President of Marketing Matt Purvis. “We opened up Monday morning operating out of their Blair Street location. We’re learning the culture, we’re learning the members, and we’re excited to make them aware of all the products and services we have to offer as Northwest Community Credit Union.”
The NCUA released a statement Friday saying that it had “made the decision to liquidate and discontinue the operations of O.U.R. Federal Credit Union after determining the credit union was insolvent and has no prospect for restoring viable operations on its own.”
Purvis said the location of the O.U.R. branch was exciting as well, as it gives Northwest Community a presence in the Whitaker Neighborhood, which he described as being a hub for Eugene-based start-ups such as the Ninkasi Brewery and the Wandering Goat Café.
“It’s probably the most happening neighborhood in Eugene, so it’s kind of interesting, and it’s exciting to be there,” Purvis said. “We’re learning our way through it right now, and I know the community is excited about the partnership.”
While members will not experience any lapse in service during the transition, Northwest Community is working to ensure that O.U.R.’s mission and culture are not lost. According to Purvis, representatives of Northwest Community will “meet with all the economic development agencies who were long ago involved in the creation of O.U.R.… to learn more about the mission and what we might be able to bring to that original mission to have a greater impact in our community.”
Chartered in 1969, O.U.R. served the residents of Lane County, Ore., and had one branch in Eugene. The 1,379 members—and their approximately $4.25 million in deposits—now join more than 70,000 other members of Northwest Community in 15 Oregon counties.
O.U.R. represents the 14th federally insured credit union to be liquidated this year.
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