OSU Federal Changing Charter and Name
December 30, 2014
December 30, 2014
As of January 1, OSU Federal Credit Union will convert to a state charter and change its name to Oregon State Credit Union. The changes were recommended by the credit union’s board of directors, voted on by its members, and approved by the National Credit Union Administration and Oregon’s Department of Consumer and Business Services, which regulates state-chartered credit unions through its Division of Financial and Corporate Securities.
The new charter will allow soon-to-be Oregon State Credit Union to expand its services beyond the five counties where it now operates to reach a service area of 24 western and central Oregon counties, stretching from the California border to the Washington border.
“The opportunity to move to a state charter enables us to better serve our membership and requires us to eliminate the word ‘federal’ from our name,” said the credit union’s president and chief executive officer, Richard Hein.
“This new name respects our history and best represents our future. We are united in helping more than 80,000 members and their families build stronger futures, while maintaining our role as a community leader throughout our service area,” Hein added.
The credit union’s existing members will see no impact, as all current accounts, including deposits and loans, will not change, and deposits remain federally insured by the National Credit Union Share Insurance Fund up to $250,000 per account. All of the credit union’s branches will remain open with the same staff and leadership.
The new name and logo will be rolled out over the first part of 2015 in the credit union’s signage, website, checks, debit and credit cards and other materials.
“Our purpose is to be here to serve our member-owners,” said Hein. “This strategic move ensures that the credit union will be a sustaining resource to its member-owners for years to come.”
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Posted in Federal.