City of Portland Releases Second Investment Portfolio Summary Since Making ‘Responsible Banking’ Deposits

The city of Portland has released its second Investment Portfolio Summary since making its first public funds deposits with a group of 10 credit unions and banks in May as part of Mayor Sam AdamsResponsible Banking Resolution.

The previous summary, dated May 31, 2012, listed Advantis Credit Union, OnPoint Community Credit Union and Unitus Community Credit Union under the “Responsible Banking Resolution Accounts” heading along with seven banks. Eight of the 10 financial institutions had received $250,000 deposits from the city as of the end of May.

Dated June 30, 2012, the most recent summary shows all 10 institutions as holding $250,000 deposits, with Unitus and the Commerce Bank of Oregon each receiving their deposits in June. OnPoint Community and Advantis had each received their deposits in May.

The summary also lists six banks under the heading “Operating Accounts,” showing Wells Fargo and Umpqua Bank as each holding nearly $30 million in deposits. The city reports $55,000 in deposits with U.S. Bank and $16,000 with Key Bank. Bank of America and Union Bank are each listed but shown as holding no deposits.

The city of Portland has said that it will continue to release monthly statements on its website reporting the status of its Responsible Banking deposits and the overall state of the city’s investment portfolio.

 

Questions or Concerns? Contact Matt Halvorson, Anthem Editor: mhalvorson@nwcua.org.

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