Bend’s Mid Oregon Credit Union Acquires High Desert Bank
July 17, 2018
Mid Oregon Credit Union recently completed an agreement to acquire the assets and liabilities of High Desert Bank, headquartered in Bend, Ore.
Approximately 400 High Desert Bank customers’ funds were transferred to Mid Oregon Credit Union. The bank has operated in Bend since 2007, with one location and approximately $21 million in assets. The overlap in service area, as well as similar product and service offerings, made Mid Oregon the ideal option for purchasing the bank’s accounts.
Mid Oregon has been operating in Central Oregon since inception in Prineville in 1957. Currently with over 31,000 members and $285 million in assets, Mid Oregon has seven branches located solely in Central Oregon (Bend, Redmond, Prineville, Madras, La Pine and Sisters). The transition went smoothly and four of the bank’s six staff members also moved over to the credit union.
“We were seeking a good financial institution that would be a fit for our customers and allow us to wind down our operations in an orderly fashion,” says Steve Ferber, President/CEO of High Desert. “Mid Oregon is a strong, local organization that adds value to the financial needs of our High Desert customers and can provide even higher levels of financial products and services to meet their needs going forward.”
Mid Oregon’s purchase of a community bank is a rare event. According to S&P Global Market Intelligence data, only four credit unions nationwide had purchased banks as of August 2017, four in all of 2016, and three in 2015.
Mid Oregon’s management team will focus its efforts on making the conversion from bank customer to credit union member as effortless as possible for High Desert Bank’s approximately 400 customers.
By becoming credit union members, the newly transitioned customers are now contributing to and reaping the benefits of their non-for-profit cooperative financial institution, which means when the credit union has earnings in excess of operating, those expenses are returned to the customer.
“Changing your financial institution is a very personal thing,” says Bill Anderson President/CEO of Mid Oregon. “We understand that changes like this impact people and our goal is to make the transition as seamless as possible for the High Desert customers who are moving their accounts. We value building relationships and the opportunity to make the Mid Oregon move a positive experience.”
Posted in Around the NW.